Next year, the Federal Reserve will change, but you might be mistaken.

Many people think the Chair has the final say, but in reality, the decision-making power of the Federal Reserve is quite dispersed. With 18 committee members sitting together, hawkish officials are making a strong comeback. Even if the new Chair has already been decided, the internal power struggle has just begun. This is not a one-person show.

Why is this so important to the crypto world? Because the interest rate path directly influences market expectations. Recent economic data seem to "possibly not support rate cuts," which means there are huge uncertainties about policy directions in 2026.

**Who might sit on the Chair?**

The market generally favors Haskett. But for him to truly take the position, he needs to gain support and recognition from other committee members. One person's ideas versus the consensus of 18 people—that's two different things.

**Powell's Choice**

Current Chair Powell will need to make a decision by May 2026—whether to stay on or step down completely. His four-year term is also coming to an end. This adds another variable.

**Don't underestimate regional Fed banks**

Even if the new Chair or other Board members change, the FOMC still has five other voting members from regional Fed banks each year. Who holds these five positions directly constrains the power of the Board. In other words, the new appointees by Trump cannot do whatever they want. This clearly balances some investors' previous concerns.

So the key question is: what will the power structure of the Federal Reserve look like in 2026? Which direction will interest rates go? These remain mysteries, but they will definitely influence the rhythm of the crypto market.