#美国证券交易委员会推进数字资产监管框架创新 Fed Chair succession game heats up, crypto-friendly camp probability surpasses

Latest market odds show that Hassett's chances of winning have overtaken Waller, making him the hot favorite for the next Fed Chair. What does this reflect? — Traders are betting on a decision-maker who understands crypto better and is more proactive on rate cuts.

Why is the market reaction so strong? Summarized into two core points:

**More Money**
Hassett is generally seen as dovish, meaning he favors rapid and significant rate cuts. It sounds abstract, but in practice — the banking system's funds will be more abundant, and these idle funds always need a place to go. Risk assets like Bitcoin are often one of the destinations. From a macro perspective, this forms an underlying support level for upward movement.

**Policy Won't Be So Tight**
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 practical knowledge of blockchain and crypto industry operations. A Fed Chair who truly understands the industry would create a more rational regulatory environment and a better basis for dialogue, which benefits the certainty of the entire industry.

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