There has been a significant development in the race for the Federal Reserve Chairmanship. President Trump has already interviewed the current Federal Reserve Board member Christopher Waller and plans to meet with a key figure from BlackRock—Chief Investment Officer Rick Reider—before the end of the year. These two choices reveal many signals.

Waller's characteristics are quite clear. As a dove within the Federal Reserve, he has been a main voice advocating for rate cuts, with a clear policy approach and the ability to build consensus both in the market and internally. From a market perspective, he represents a relatively friendly liquidity environment.

In contrast, Rick Reider's background is entirely different. He leads the world's largest asset management firm and is at the forefront of traditional finance, with in-depth practical experience in market operations. This is a choice rooted in a Wall Street perspective.

From these two candidates, one can see the clues—Trump is balancing multiple interests. On one side are the political needs for stability and communication within the Federal Reserve, and on the other are considerations of market professionalism and practical experience. Regardless of who ultimately gets the position, this decision will have a profound impact on global financial markets and policy expectations in the crypto market.