Kevin Hassett is reportedly at the forefront of President Donald Trump's search for a new Federal Reserve (Fed) chairman, putting a longtime ally with close ties to the crypto industry in a strategic position to lead global monetary policy.
According to a Bloomberg report, the director of the White House National Economic Council has emerged as a leading candidate as Trump enters the final phase of the process to select a new Fed chairman.
Trump advisers and allies describe Hassett as someone the president trusts and is more likely to support low interest rates. He is seen as likely to support faster rate cuts than current chairman Jerome Powell.
Hassett has previously said he would be willing to replace Powell if appointed. His appointment is expected to strengthen Trump's influence over the institution, which he has often criticized for being too slow to ease monetary policy.
Sources familiar with the internal discussions said Trump wants a chairman who is more aligned with his priorities, including supporting low borrowing costs to stimulate economic growth and markets, including digital assets.
However, the process is still dynamic. Trump has a history of making last-minute changes to his decisions, and aides have stressed that no decision is final until an official announcement is made.
Behind the scenes, Treasury Secretary Scott Bessent has been leading the process of selecting a nominee since the summer. He reportedly just completed a second round of interviews with Hassett and several other candidates, including former Fed governor Kevin Warsh, current governors Christopher Waller and Michelle Bowman, and BlackRock executive Rick Rieder.
Bessent said there was a very good chance Trump would announce his pick before Christmas, but the final timeline still depends on the president’s decision and could stretch into early 2026.
The term of current Fed chairman Jerome Powell expires on May 15, 2026. Powell could remain as governor until January 2028 if he is not reappointed as chairman, but the White House is expected to name a successor sooner to ensure a smooth transition with Senate approval.
Any changes in Fed leadership and the direction of interest rate policy are expected to have a major impact on dollar liquidity, investor risk appetite, and the regulatory landscape of digital assets, thus affecting traditional and crypto markets as a whole.
