Original source: BitpushNews
Reposted: Oliver, Mars Finance
On Thursday local time, just as Wall Street was nearing the close, 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 succeed the recently departed Adriana Kugler, with a term set until January 31, 2026.
According to Politico, the White House was originally not ready to announce a successor arrangement for current Federal Reserve Chairman Powell, and Miran's move serves both as a “filling the vacancy” and a “political signal.”
Will this brief 'Federal Reserve audition' become an unexpected booster for the crypto industry? And in the current context of intertwining expectations of Federal Reserve rate cuts and a weakening dollar trend, what does Trump's appointment of Miran mean?
Who is Stephen Miran? A crypto 'ally' from Harvard to the White House
Stephen Miran has a background in economics from Harvard University, with a career spanning investment and policy fields. Before joining the Trump team, he served as a partner at Amherst Peak Advisors and was a senior strategist at Hudson Bay. Notably, Hudson Bay was deeply involved in debt trading following the bankruptcy of FTX — a cryptocurrency exchange that went bankrupt at the end of 2022, and its founder Sam Bankman-Fried was sentenced to 25 years in prison in November 2023 for seven charges, including telecommunications fraud.
After joining the Trump camp in 2023, Miran quickly emerged and became the Chairman of the White House Council of Economic Advisers (CEA) in March 2025. As a typical conservative economist, he firmly supports Trump's tariff policies and has repeatedly publicly advocated for 'lowering interest rates' and 'reevaluating the strong dollar policy.'
In the cryptocurrency field, Miran has shown a rare openness. In December 2024, Stephen Miran, as then Chairman of the White House Council of Economic Advisers (CEA), was invited to participate in a well-known financial podcast (Forward Guidance) where he engaged in a discussion with host Joseph Wang (former New York Fed trader Fed Guy). In the second half of the show, Miran addressed the issues arising from the confusion in cryptocurrency regulation, stating frankly:
“Maybe we really should simplify a lot of regulations to allow innovative industries like crypto to truly take root.”
At that time, U.S. crypto regulation was in chaos, with the SEC and CFTC unable to reach a conclusion on token classification, and the cases involving Coinbase and Binance still unresolved. Miran's remarks were seen by many in the industry as the “White House’s first friendly signal.” As CEA Chairman, although his views do not have legislative power, they hold “barometer” significance in policy trends and regulatory discussions.
It is worth noting that Miran does not blindly support the crypto industry; rather, he opposes the current reality of fragmented regulation, redundant approvals, and legal ambiguity, not regulation itself. He pointed out in the program:
· Currently, the dispute between the SEC and CFTC regarding the attributes of crypto assets (securities vs. commodities) has severely impacted the compliance operations of innovative companies;
· The White House should promote a more coordinated regulatory framework, “to let entrepreneurs clearly know the compliance roadmap”;
· Regulation that truly benefits innovation is not “no regulation” but rather “clear rules and defined responsibilities.”
This viewpoint, unlike traditional crypto extremists, is actually closer to the path advocated by institutional compliance-supporting crypto advocates — like Coinbase CEO Brian Armstrong.
According to Coindesk, Miran has also privately participated in discussions regarding the ambiguity of token regulatory classifications between the SEC and CFTC.
If Miran continues to publicly express a rational attitude towards crypto regulation during his term at the Federal Reserve, even if he does not directly influence policy-making, he could become a significant catalyst for market sentiment, and even accumulate voice as a “potential candidate for future governors” beyond 2026.
Federal Reserve Policy: The 'entry' of a rate cut advocate
“He is just here to warm the seat,” said Mark Spindel, author of the book (The Independence of the Federal Reserve), “he will leave after a few meetings.”
Indeed, from a timing perspective, Miran is likely to participate in at most three Federal Open Market Committee (FOMC) meetings — in September, October, and December — which will have very limited structural impact on the annual interest rate path.
However, this does not mean that Miran's voice is meaningless. In the increasingly heated interest rate game in the second half of 2025, a vote on the council could tighten market nerves.
In terms of monetary policy, Miran is a typical Trumpian economist: supporting 'American manufacturing,' questioning the strong dollar strategy, and advocating for lower interest rates to stimulate growth.
Between 2023 and 2024, he pointed out in multiple articles and public speeches that the Federal Reserve's ongoing high interest rate policy is “extremely detrimental to American manufacturing and exports,” calling for “a more proactive monetary policy to complement industrial policy.” He is also one of the few senior officials to publicly state during his tenure at the CEA that “a strong dollar is detrimental to national interests.”
This resonates with Trump's ongoing criticism of Powell. Trump himself has repeatedly complained in public, saying: “Powell has messed everything up; high interest rates have made America lose its competitiveness.” Miran has endorsed this view from an academic perspective, reinforcing the White House's stance that “interest rates should serve growth objectives.”
Although it is unlikely that Miran will change the Federal Reserve's interest rate path in the short term, if he promotes the narrative within the Federal Reserve that “inflation is under control, and attention should be paid to employment and investment,” it would undoubtedly provide the market with new policy imagination. Especially against the backdrop of currently high U.S. Treasury rates and a weakening dollar index, “returning expectations for rate cuts” is becoming a focal point of capital markets.
This year, the dollar's safe-haven property is facing unprecedented challenges. According to FactSet data, in the first half of 2025, the dollar index (DXY) has cumulatively dropped over 10%, marking the weakest first half performance since 1973. The dollar, which used to strengthen during periods of financial market volatility, is now rising alongside long-term U.S. Treasury yields, exhibiting an “abnormal” characteristic typical of emerging markets.
Some analysts 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 crypto market view Miran's entry?
For the crypto industry, Miran's temporary appointment may mean:
Policy atmosphere warming: His stance has strengthened the White House's interest in crypto and may also promote clearer regulatory integration.
Risk asset sentiment warms up: If he promotes rate cuts or guides easing expectations, risk assets like BTC and ETH will directly benefit.
Dollar trends impact stablecoins and cross-border payment paths: A weak dollar strategy will enhance the appeal of crypto assets in international payments.
Although Miran is not a legislator and cannot single-handedly change the Federal Reserve's course, 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 brief five months.
