The Trump administration is considering at least 11 candidates to replace Jerome Powell when his term as Federal Reserve Chairman expires in May. At least three of them take a positive stance towards cryptography.
Treasury Secretary Scott Bessent told Fox News Wednesday that the Fed chair has 11 “very strong candidates.”
As CNBC reported that it cited two administrative officials on August 13, the list of candidates includes Federal President Dallas, President Rory Logan, former President St. Louis Fried James Bullard, vice-chairman Philip Jefferson, vice-chairman Philip Jefferson, assistant director Chris Associate Michelle Bowman and former federal government Larry Lindsay.
The list also includes Mark Schmerlin, economic adviser to the Bush administration, David Zervos, chief market strategist at investment bank Jeffries, and Chief Investment Officer of BlackRock, the global bond-rick leader.
The Federal Reserve sets interest rates that affect how the market invests. Lower interest rates increase liquidity and usually bets on volatile and dangerous assets like crypto, whereas higher interest rates usually see investors selling more risky bets.
The leader once said that Bitcoin will “stay here.”
BlackRock’s Rieder has made positive comments about Crypto in the past.
He told the Wall Street Journal in early 2024 that Bitcoin is “a likely to be a big part of the asset allocation framework,” and that “people will become more and more comfortable over time.”
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The leader told CNBC in November 2020 that Crypto and Bitcoin will “stay here” and that “indulgence, especially for millennials – considers technology and cryptocurrency acceptability to be a reality.
BlackRock has the largest exchange trade funds for Bitcoin and Ether (ETH) on the market.
Feds Waller, Bowman moves crypt-friendly
Fed Waller and Bowman reportedly have recently shown a friendly approach to Crypto, even running.
Bowman, a Fed regulator, said on August 20 that central bank staff should be allowed to invest in Crypto in order to understand the technology, adding that it will help with a “practical understanding of the underlying features.”
Fed governor Waller said a day later that he “doesn’t be afraid of anything” about crypto payments, which the banking sector operates outside the traditional banking system.
In comparison, Powell deals with cryptography multiple times, and encourages a more cautious approach. He said in June that he hopes that crypto will become more mainstream and that banks will increase engagement with the sector.
In December, he said Bitcoin is more like a gold competitor than the US dollar.
Honorable mention: Jefferies works at Crypto
Meanwhile, Jefferies, the investment bank where Zervos directs its strategy, is involved in encrypted entities.
The bank has supported the recent public debut of trading platform Etoro, Stablecoin Issuer Circle Internet Group, Crypto Exchange Bullish and Crypto-based lender figure technology solutions.
He also bets early on Bitcoin (BTC) to buy Michael Saylor’s strategic ambitions, reportedly having a senior banker dedicated to Crypto for at least five years.
Powell’s tenure as chairman will end in May, but his 14-year term with the Fed Committee will end in early 2028. His highly anticipated speech on Friday raised hopes for interest rate cuts.
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