Author: Bruce

As the Trump administration prepares its new lineup, the nomination for the Federal Reserve Chair has entered its final stage. The current frontrunner, Kevin Hassett, is not only a key economic figure for Trump but also a "proponent" with deep ties to the crypto industry.

Direct Impact of Monetary Policy: Liquidity and Asset Prices

As the highest decision-maker of U.S. monetary policy, the Federal Reserve Chair's stance directly determines the market's cost of capital and liquidity.

• Hassett's inclination: The market generally expects that if he takes office, he will push for a more aggressive interest rate cut policy.
• Positive for Crypto: A loose monetary environment (low interest rates) typically benefits the price increase of risk assets like $BTC. In fact, after news of him becoming a popular candidate emerged, U.S. Treasury yields fell, reflecting the market's expectations for improved liquidity.

Substantive Ownership of Stablecoin Regulation

According to the "GENIUS Act" being promoted in 2025, the Federal Reserve will play a core role in the stablecoin regulatory framework.

• Core supervisory body: The Federal Reserve will directly oversee stablecoin issuers, establishing the interaction rules between "on-chain dollars" and the traditional financial system.
• Connection to the Treasury market: As the scale of stablecoins expands, their role as major buyers of U.S. Treasuries will become more closely tied to the U.S. Treasury market. The Federal Reserve's stance will determine whether stablecoins can smoothly expand, thereby affecting whether hundreds of billions of dollars can flow into the crypto market seamlessly.

"Gatekeepers" Between Traditional Finance and the Crypto World

The Federal Reserve determines the banking system's openness to the crypto industry.

• Compliance channels: Whether banks and non-bank financial institutions can compliantly provide services to crypto companies and participate in stablecoin business entirely depends on the green light from the Federal Reserve and related regulatory bodies.
• Industry integration: The attitude of the next chair will determine whether the crypto industry continues to maintain an "independent ecosystem" or can fundamentally integrate into the mainstream financial system, gaining broader institutional adoption.

Who is Kevin Hassett?

As the candidate with the highest odds currently (with @Polymarket probabilities exceeding 50% at one point), Hassett's connection to the crypto industry is remarkable:

• Insider background: He not only holds @coinbase stock valued at millions of dollars but also served as a member of Coinbase's Academic and Regulatory Advisory Council.
• Policy advocacy: He has participated in the White House Digital Assets Working Group, advocating for leaving room for innovation in regulation and believing that crypto technology is an important variable in the future economic structure.

Unlike the SEC Chair, who primarily influences the industry through enforcement actions, the Federal Reserve Chair fundamentally shapes the survival environment of the crypto industry through the "tap" of capital (interest rates) and the "gate" of the banking system (entry regulation).

If a candidate like Hassett, who is knowledgeable and holds a friendly stance, takes office, it could pave the way for crypto to transition from "marginal asset" to "mainstream finance."

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