The Trump administration is considering at least 11 candidates to succeed Powell as Federal Reserve Chairman, among whom at least three have expressed support for cryptocurrencies.

Treasury Secretary Scott Bessent stated on Wednesday that the candidate selection process will begin next month. Considered candidates include Dallas Fed President Lorie Logan, former St. Louis Fed President James Bullard, and Fed Vice Chairman Philip Jefferson.

There are 11 strong candidates for the position of Federal Reserve Chairman. After Labor Day, we will start interviews and present a candidate list to President Trump.

— Treasury Secretary Scott Bessent (@SecScottBessent)

Among the candidates are Bush administration economic advisor Marc Sumerlin, Jefferies Chief Market Strategist David Zervos, and BlackRock Global Fixed Income Chief Investment Officer Rick Rieder.

The interest rates set by the Fed will affect the investment market; low interest rates usually increase liquidity, prompting investors to bet on risk assets like cryptocurrencies.

The relationship between Jefferies, BlackRock, and cryptocurrencies

Jefferies supports cryptocurrency-related companies, while BlackRock's Rick Rieder has a positive attitude toward cryptocurrencies, believing that Bitcoin will play an important role in asset allocation.

BlackRock has the largest Bitcoin and Ethereum ETFs in the market.

The Fed's Waller and Bowman are friendly toward cryptocurrencies

Candidates Waller and Bowman recently expressed support for cryptocurrencies. Bowman suggested allowing Federal Reserve employees to invest a small amount in cryptocurrencies to better understand the technology.

Waller stated that the banking industry need not fear cryptocurrency payments, believing that they are simply new technologies for transferring and recording transactions.

Current Chairman Powell has a more cautious attitude toward cryptocurrencies, having stated that cryptocurrencies are more like competitors to gold.