Kevin Hassett Emerges as Top Contender for Next Fed Chair, Crypto Ties Add Intrigue

With Federal Reserve Chairman Jerome Powell’s term nearing its conclusion, the anticipation surrounding his successor has captured significant attention across financial markets and political spheres. According to a Bloomberg report, Kevin Hassett, currently serving as the Chairman of the White House National Economic Council, is widely considered the leading candidate for this pivotal role.

U.S. Treasury Secretary Scott Bessent has indicated that former President Donald Trump is expected to announce his choice for the Fed Chair position before Christmas, specifically by December 25th. Beyond Hassett, the roster of potential contenders reportedly includes current Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, and BlackRock’s Chief Investment Officer of Fixed Income, Rick Rieder.

Sources cited by Bloomberg suggest that Hassett’s economic views are remarkably aligned with Trump’s, positioning him as the most probable selection. He is perceived as an individual capable of integrating Trump’s philosophy of aggressive interest rate cuts into the Federal Reserve’s policy framework. Hassett himself has previously expressed his readiness to accept the Fed Chair role and has openly advocated for a more proactive approach to lowering rates.

Adding a compelling layer of complexity and widespread discussion to this high-stakes appointment are Hassett’s deep-rooted connections within the cryptocurrency sector. Beyond his role as a trusted ally to Trump, his extensive involvement in digital assets distinctly sets him apart from many traditional Fed Chair candidates.

Hassett’s profile within the digital asset landscape is particularly noteworthy. He previously spearheaded the White House National Economic Council’s working group dedicated to digital asset markets, culminating in the release of a significant report this past summer. This comprehensive document offered detailed recommendations on cryptocurrency regulation, covering critical areas such as banking, crypto reserves, stablecoins, taxation, and illicit finance.

Further solidifying his ties to the industry, Hassett served as a member of Coinbase’s advisory council. Moreover, in June of this year, he publicly disclosed holding at least $1 million in Coinbase shares, underscoring his personal stake in the burgeoning crypto economy.