The Trump administration is considering 11 candidates to potentially replace Jerome Powell as Fed Chair, with a few supporters of cryptocurrency.
Candidates for Fed Chair
Treasury Secretary Scott Bessent stated that there are 11 'very strong candidates' for the Fed chair position, which they will start vetting after Labor Day. The list includes Dallas Fed president Lorie Logan, former St. Louis Fed president James Bullard, Fed vice chair Philip Jefferson, and others.
Support for Cryptocurrency Among Candidates
Some candidates, such as Jefferies chief strategist David Zervos and BlackRock's Rick Rieder, have previously expressed positive views on cryptocurrency. Zervos notably planned investments in crypto-related companies, while Rieder suggested that cryptocurrency may become a significant part of asset allocation.
Current Chair Jerome Powell's Position
Jerome Powell, whose term is set to end in May, has taken a cautious stance regarding cryptocurrencies during his tenure. He has noted that cryptocurrency is becoming more mainstream and anticipates that banks will engage more with the sector.
As Powell's term comes to an end, the interest in candidates with positive views on cryptocurrency raises questions about the future of monetary policy and the crypto sector in the U.S.
