Original title: (Trump installs 'crypto allies' as interim Fed governors, what is the impact?)
Original source: BitpushNews
On Thursday local time, as Wall Street approached closing, U.S. President Trump announced on Truth Social the appointment of Stephen Miran, chairman of the White House Council of Economic Advisers (CEA), as a Federal Reserve governor to replace the recently departed Adriana Kugler, with a term set to last until January 31, 2026.
According to Politico, the White House was not originally prepared to announce the successor arrangement for current Fed Chair Powell. Miran's move serves both to 'fill the vacancy' and to send a 'political signal.'
Will this brief 'Fed audition' become an unexpected booster for the cryptocurrency industry? And what does Trump's appointment of Miran mean in the current context of expectations for interest rate cuts and the weakening trend of the dollar?
Who is Stephen Miran? A crypto 'ally' from Harvard to the White House
Stephen Miran has an economics background from Harvard University, with a career spanning investment and policy fields. Before joining Trump's team, he served as an investment partner at Amherst Peak Advisors and as a senior strategist at Hudson Bay. Notably, Hudson Bay was deeply involved in debt trading after the bankruptcy of FTX — this cryptocurrency exchange filed for bankruptcy at the end of 2022, and its founder Sam Bankman-Fried was sentenced to 25 years in prison in November 2023 for seven counts, including telecommunications fraud.
After joining Trump's camp in 2023, Miran quickly emerged, becoming chairman of the White House Council of Economic Advisers (CEA) in March 2025. As a typical conservative economist, he firmly supports Trump's tariff policy and has repeatedly publicly advocated 'lowering interest rates' and 'reevaluating the strong dollar policy.'
In the cryptocurrency field, Miran has shown a rare open attitude. In December 2024, Stephen Miran, as then-chairman of the White House Council of Economic Advisers (CEA), was invited to participate in the famous financial podcast (Forward Guidance) and had a conversation with host Joseph Wang (a former New York Fed trader, Fed Guy). In the latter half of the program, Miran addressed the issues arising from the chaotic regulation of cryptocurrencies, stating:
‘Maybe we really should simplify a lot of regulations to allow innovative industries like cryptocurrency to truly take root.’
At that time, U.S. cryptocurrency regulation was in chaos, with the SEC and CFTC at odds over token classification, and there had been no conclusions in the Coinbase and Binance cases. Miran's remarks were seen by many in the industry as 'the White House's first friendly signal.' As CEA chairman, his views, while lacking legislative power, have significant 'weather vane' significance in policy trends and regulatory discussions.
It is worth noting that Miran does not blindly support the cryptocurrency industry; he opposes the current reality of fragmented regulation, redundant approvals, and legal ambiguity, rather than regulation itself. He pointed out in the program:
· The current dispute between the SEC and CFTC over the attributes of crypto assets (securities vs. commodities) has severely affected the compliance operations of innovative companies;
· The White House should promote a more coordinated regulatory framework that 'makes it clear for entrepreneurs what the compliance roadmap is';
· The truly beneficial regulation for innovation is not 'no regulation,' but 'clear rules and defined responsibilities.'
This viewpoint, unlike traditional crypto extremists, is closer to the path advocated by institutional compliance supporters — like Coinbase CEO Brian Armstrong.
According to Coindesk, Miran had also privately participated in discussions regarding the ambiguity of token regulatory classifications between the SEC and CFTC.
If Miran continues to publicly express his stance on the rationalization of cryptocurrency regulation during his term at the Fed, even if it does not directly affect policy-making, it may become an important catalyst for market sentiment, and even accumulate voice for 'potential council candidates' after 2026.
Federal Reserve Policy: The 'entry' of a pro-rate cut advocate
He is just here to warm the seat, " commented Mark Spindel, author of the book (Independence of the Federal Reserve), "He will leave after a few meetings.
Indeed, from a timing perspective, Miran will participate in at most three Federal Open Market Committee (FOMC) meetings — September, October, and December — with very limited structural impact on the annual interest rate path.
But this does not mean that Miran's voice is meaningless. In the second half of 2025, as the interest rate game heats up, a vote in the council could tighten market nerves.
In terms of monetary policy, Miran is a typical Trump-style economist: supporting 'American manufacturing,' questioning the strong dollar strategy, and advocating for interest rate cuts to stimulate growth.
During 2023-2024, he repeatedly pointed out in writings and public speeches that the Fed's continued high interest rate policy 'is extremely detrimental to American manufacturing and exports,' calling for 'more aggressive monetary policy in conjunction with industrial policy.' He is also one of the very few senior officials to publicly state 'a strong dollar is detrimental to national interests' during his tenure at the CEA.
This resonates with Trump's ongoing criticism of Powell. Trump himself has repeatedly complained in public, 'Powell has messed everything up; high interest rates have made America lose competitiveness.' Miran has academically endorsed this viewpoint, reinforcing the White House's position that 'interest rates should serve growth targets.'
Although Miran is unlikely to change the Fed's interest rate path in the short term, if he promotes the discourse of 'inflation is controlled, we should focus on employment and investment' within the Fed, it will undoubtedly provide new policy imagination space for the market. Especially in the context of currently high U.S. Treasury yields and a weakening dollar index, the 'return of interest rate cut expectations' is becoming a focal point for capital markets.
Since the beginning of this year, the dollar's safe-haven attribute has faced unprecedented challenges. According to FactSet data, in the first half of 2025, the dollar index (DXY) fell more than 10% cumulatively, marking the weakest performance for the first half of a year since 1973. Traditionally, the dollar strengthens during periods of financial market volatility; however, it has recently risen alongside long-term U.S. Treasury yields, exhibiting an 'abnormal' characteristic more typical of emerging markets.
Some analyses point out that Miran's challenge to the 'strong dollar consensus' is forming a 'new consensus prototype.' In a paper, he questioned, 'Is a strong dollar really in the national interest? Should we consider a more flexible exchange rate mechanism for export-oriented manufacturing?' Such views are gradually gaining traction within the Trump administration.
How should the cryptocurrency market view Miran's entry?
For the cryptocurrency industry, Miran's temporary ascension may mean:
The policy atmosphere is warming: His position has strengthened the White House's interest in cryptocurrency and may promote clearer regulatory integration.
Risk asset sentiment is warming: If he promotes interest rate cuts or guides expectations for easing, risk assets like BTC and ETH will benefit directly.
The dollar's movement affects stablecoins and cross-border payment paths: a weak dollar strategy will enhance the attractiveness of crypto assets in international payments.
Although Miran is not a legislator and cannot single-handedly change the Fed's direction, his views are already shaping the macro sentiment framework for the second half of 2025. This policy-maker with an academic background may have a stage that extends far beyond these short five months.
Reference material:
· MarketWatch: Trump taps Miran for Fed seat
· Politico: Trump picks economic adviser Miran for Fed post
· Forward Guidance Podcast (2024.12)
· FactSet, ICE Dollar Index
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