Insiders reveal: Trump may appoint a new Fed chairman next week, and the Crypto Assets market is holding its breath.

01 Breaking News

A piece of news from high-level U.S. political circles is causing ripples in global financial markets. According to CNBC, citing informed sources, President Trump may appoint a new Chairman of the Federal Reserve in the first week of January 2026.

This timing is slightly later than what Finance Minister Bessent previously indicated as being “around Christmas,” but it still shows that this significant personnel decision has entered the countdown stage.

Whoever the final candidate is, this appointment will directly shape the direction of global monetary policy for the coming years and have a profound impact on the cryptocurrency market.

02 Candidate Map

The Trump team's selection process for the Federal Reserve Chairman candidates has been ongoing for several months, with the candidate list undergoing several rounds of changes and filtering.

Finance Minister Besant stated that the White House had considered about 10 candidates, but the list has “already been narrowed down to one.” However, according to other reports, the list of candidates has actually expanded to 11 people, far exceeding the initial rumors of a “trusted” short list.

Currently, the market focus is mainly on several core candidates.

Kevin Hassett is widely regarded as a frontrunner. Trump has referred to him in public as a “potential Federal Reserve chairman,” a remark that has been interpreted as a strong hint. Hassett currently serves as the chairman of the Council of Economic Advisers and is a key member of Trump's economic policy team.

Kevin Walsh is another strong contender. The former Federal Reserve governor recently met with Trump at Mar-a-Lago, and reports suggest that Trump is considering appointing him as Treasury Secretary and may nominate him to succeed Powell as chair of the Federal Reserve after Powell's term ends.

Christopher Waller, as the current Federal Reserve Governor, is also at the top of the candidate list. Market analysis suggests that if Waller is elected, it may bring a smoother policy transition, as he has worked within the Federal Reserve system for many years.

Analysts generally believe that although there are many candidates on the list, the range of core competitors is actually quite small. Trump's final choice is likely to emerge from a few candidates who share similar ideals with him.

03 Policy Trends

Behind the expansion of the candidate list may be a strategic move by the White House to pressure the Federal Reserve to cut interest rates. Some experts believe that this “open process” has the characteristics of “performance art.”

The list containing 11 people includes some surprising names, such as Federal Reserve Vice Chairman Philip Jefferson and Dallas Fed President Lorie Logan. These two officials have traditionally been cautious about interest rate cuts.

Some analyses suggest that expanding the scope of the list may give government officials the opportunity to privately signal to some candidates that “it's time to cut interest rates.”

In this way, the White House may be able to influence the internal discussion atmosphere of the Federal Reserve, and even start guiding the direction of monetary policy before the nominations are finalized.

04 The Independence of the Federal Reserve Faces Challenges

Regardless of who ultimately takes charge of the Federal Reserve, a more fundamental question has emerged: to what extent will the independence of the Federal Reserve be challenged during Trump's second term?

In April this year, American media reported shocking news: Trump's allies are drafting a series of proposals aimed at undermining the independence of the Federal Reserve if Trump wins the election.

According to reports, these suggestions include: the Federal Reserve's regulations should be subject to White House review, more effectively using the Treasury to balance the Federal Reserve, and even interest rate decisions should seek the President's opinion.

Trump has long expressed dissatisfaction with the Federal Reserve's inability to adjust interest rates according to his wishes. He has publicly criticized the current chairman Powell for being “too slow and too cautious” in pushing for rate cuts.

Although there are institutional obstacles to whether Trump can truly exert control over the Federal Reserve—members of the Federal Reserve Board serve a term of 14 years, and the president does not have the authority to dismiss them solely due to policy disagreements—the direction is clear.

05 Market Response and Opportunities in Cryptocurrency

In the face of this significant policy uncertainty, the cryptocurrency market has shown a complex reaction.

As of December 23, according to Gate market data, the price of Bitcoin has fallen to $87,323.4, with a 24-hour decrease of 2.5%. Meanwhile, Ethereum shows relative strength, currently consolidating around the 2,950 USDT level.

Historical experience indicates that the Fed's policy shift period is often an important opportunity window for the cryptocurrency market. Market analysts point out that if Trump successfully appoints a Fed chair who is more inclined towards loose monetary policy, it could lead to a weaker dollar, increased liquidity in traditional financial markets, and some funds may seek to enter alternative assets such as cryptocurrencies.

However, this policy shift may also bring inflation risks. Experts warn that if interest rates are too low, inflation risks will rise, and foreign investors may also lose confidence in U.S. assets.

For cryptocurrency investors, the changes in this macroeconomic environment need to be interpreted and addressed with caution. On one hand, loose monetary policy may enhance the attractiveness of risk assets; on the other hand, potential inflationary pressures may lead more investors to view cryptocurrencies as a hedging tool.

Gate, as a global leading cryptocurrency trading platform, provides users with real-time market data and in-depth market analysis, helping investors make informed decisions during this important policy turning point.

06 Pending Variables

Who will the Trump administration ultimately choose to lead the world's most important central bank? The answer to this question will not only affect trillions of dollars in traditional financial markets but may also redefine the position of cryptocurrencies in the global financial system.

Trump himself is known for his unpredictable decision-making, “as long as he doesn't announce anything for a day, nothing can be said to be settled.”

As the first week of January approaches, global financial markets will closely watch Trump's final decision and the policy intentions behind it. Meanwhile, the cryptocurrency market, as the most dynamic component of the global financial system, is ready to embrace this significant moment that could reshape its development trajectory.

Regardless of the outcome, a more politicized Federal Reserve and a more uncertain monetary policy environment could present a historic opportunity for cryptocurrencies to prove their value as an alternative store of value and safe-haven assets.