#美国证券交易委员会推进数字资产监管框架创新 The Federal Reserve Chair succession game heats up, with the crypto-friendly camp's probability surpassing others

The latest market odds show that Hassett's chances of winning the election have overtaken Wacht, making him a hot favorite to become the next Federal Reserve Chair. What does this reflect? — Traders are betting on a decision-maker who understands crypto better and is more proactive about cutting interest rates.

Why is the market reacting so strongly? The core points boil down to two:

**More Money**
Hassett is generally seen as dovish, meaning he favors rapid and substantial rate cuts. It may sound abstract, but practically speaking — the banking system will have more liquidity, and these idle funds will need to find a place to go. Risk assets like Bitcoin are often one of the destinations. From a macro perspective, this forms an upward underlying support.

**Policy Won't Be So Restrictive**
This guy isn't from the traditional central banking bureaucratic system. He has worked as an advisor at Coinbase and still holds its stock, with actual knowledge of blockchain and crypto industry operations. A Fed leader with genuine industry understanding would create a more rational regulatory environment and a better basis for dialogue, which benefits the certainty of the entire industry.

But all this is just expectations. The market is betting on these possibilities, but whether they will actually happen and take effect is another matter. For us, instead of speculating on who will get the position, it's better to focus on risk management — maintaining a steady position, disciplined execution, and patience. Ultimately, policy implementation will speak for itself.