The countdown for the Federal Reserve's leadership change is on, with 11 candidates hiding mysteries. A power game that concerns the global flow of funds is quietly rewriting the fate script of the cryptocurrency market.

Currently, Federal Reserve Chairman Powell's term lasts until 2026, but the Trump administration has impatiently initiated the process of replacement, with 11 candidates whose backgrounds span central banking systems, politics, and Wall Street. Among this group are both traditional hawkish/dovish monetary policy veterans, as well as "variable figures" with differing attitudes toward crypto assets— their ascendance could directly alter the pace of USD liquidity and the direction of crypto regulation.

【Core Candidates' Crypto Stance Analysis】

Waller (most popular): Claims cryptocurrency is like "baseball cards" but has a particular fondness for stablecoins. Advocates for Congressional legislation to regulate reserves, allowing the private sector to innovate within a framework, belonging to the "rational establishment". If he takes office, stablecoins may quickly become compliant, but altcoins will still be seen as casino chips.

Reed (BlackRock mogul): Holds 4 trillion dollars in asset management experience and has recently frequently voiced support for loose policies. He has actual business ties with crypto projects like Circle, belonging to the "capital faction". If elected, he may accelerate the opening of traditional funding channels like Bitcoin ETFs, but the "conflict of interest" issues that arise from managing massive funds will become a focal point of controversy.

Zevos (market veteran): A practical person who has genuinely invested real money in projects like Circle and Bullish, and has also supported MicroStrategy's Bitcoin purchases. He is part of the "crypto circle" but lacks central bank work experience. If he rises to power, he may temporarily stimulate market sentiment, but his governance ability is questionable.

【Personal Opinion】

Don't be misled by the "crypto-friendly" label! Waller's "institutional friendliness" is far more important than Zevos's "capital friendliness"— Congressional legislation, bank custody norms, and reserve audits are the boring infrastructure that is the foundation for the long-term stability of the industry. If Trump forcibly installs his confidants, it may temporarily indulge loose policies favoring risk assets, but will overdraw the credibility of the Federal Reserve, leading to long-term policy fluctuations.

With a new round of liquidity cycles coinciding with the reshuffling of Federal Reserve power, as mainstream institutions begin to use stablecoins as a new channel for cross-border capital flow, are we standing at a historical turning point where "crypto dollars" replace "petrodollars"? Follow me, and I will help you decode the Federal Reserve's policy secrets and prepare for the direction of the next capital flood #美联储降息预期