Trump Administration Weighs Powell’s Successor With Crypto-Friendly Names in the Mix

The Trump administration is preparing to evaluate candidates for the next Federal Reserve chair, with Jerome Powell’s term set to expire in May. According to Treasury Secretary Scott Bessent, at least 11 contenders are under review, and several of them have previously expressed favorable views toward crypto.

Bessent confirmed on Fox News this week that he will begin vetting the candidates next month. The list, first reported by CNBC on August 13 citing administration officials, features a mix of current Fed policymakers and high-profile financial figures. 

Among those named are Dallas Fed President Lorie Logan, former St. Louis Fed President James Bullard, Fed Vice Chair Philip Jefferson, Fed Governor Chris Waller, Vice Chair for Supervision Michelle Bowman, and former Fed Governor Larry Lindsey.

Other contenders include Marc Sumerlin, a former Bush administration economic adviser; David Zervos, chief market strategist at Jefferies; and Rick Rieder, chief investment officer for global fixed income at BlackRock.

Crypto-Friendly Voices Emerge

Some of the names on the shortlist have stood out for their supportive stance on digital assets. Rick Rieder of BlackRock has long argued that Bitcoin and cryptocurrencies are becoming an integral part of modern finance. 

In an interview with The Wall Street Journal earlier this year, he suggested Bitcoin could play a significant role in long-term asset allocation, adding that comfort with digital assets is growing steadily. He previously told CNBC that digital assets were “here to stay,” particularly pointing to younger generations driving adoption.

Two sitting Fed officials, Waller and Bowman, have also made pro-crypto remarks. Bowman recently suggested that Federal Reserve staff should be permitted to invest modestly in digital assets to gain firsthand knowledge of the technology, saying such exposure would provide a practical understanding of blockchain functionality. 

A day later, Waller described crypto payments as a natural extension of financial innovation, assuring the banking sector it had “nothing to be afraid of” from decentralized systems.

Market Implications of the Next Fed Chair

The Federal Reserve plays a pivotal role in setting U.S. interest rates, shaping investor appetite for both traditional and riskier assets like crypto. Powell has generally adopted a cautious tone on digital currencies, though he acknowledged in June that crypto has become more mainstream. In December, he noted that Bitcoin functioned more as a competitor to gold than as a substitute for the U.S. dollar.

Meanwhile, Jefferies—where candidate David Zervos directs strategy—has maintained close ties with the sector, backing firms like eToro, Circle, and Bullish. Powell’s tenure as Fed chair ends in May, though he remains on the board until 2028. 

Markets now anticipate a possible rate cut at the Fed’s September meeting, heightening interest in who will lead the central bank during a critical period for both traditional and digital finance.

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