A critical moment is approaching—May 2026.

When Powell steps down, the Federal Reserve might completely change its leadership. Who is the leading candidate? Kevin Hasset, close to Trump. This guy is famously hawkish—no, more accurately, he's known as a "dovish rate cutter hawk."

Why is this so crucial for the crypto world? Because their philosophies are completely different.

**Powell's logic**: The fight against inflation isn't over yet; continue to stay cautious. Rate cuts are possible, but only if the data supports it. Balancing inflation and employment—that's what the Fed should focus on. This approach is stable, but only stable—keeping interest rates high favors traditional finance but suppresses growth.

**Hasset's view**: The inflation battle is basically won. Why cling to high interest rates now? He openly calls it "political stubbornness," not economic rationality. He advocates for aggressive rate cuts and is the most dovish among potential candidates.

This isn't just about adjusting interest rate policy. In deeper terms, the Fed's independence could face unprecedented challenges. Policies will serve economic growth more directly. What does this mean for the crypto market? It signifies a fundamental shift in liquidity environment.

In a low-interest-rate environment, risk assets will regain favor, and high-volatility assets like Bitcoin and Ethereum will see a significant increase in allocation value. This isn't just a simple "rate cut is good news"; it's a reshaping of the entire asset pricing logic—from a preference for stability to growth prioritization, from risk aversion to risk seeking.

**Bottom line**: Can Hasset really take the position? Support from Trump, Congress's attitude—these variables will influence the outcome. But as market participants, preparing in advance for such a policy shift seems to have become a consensus.