There could be major moves before Christmas—the position of Fed Chair is in flux.

The latest word is that Trump has basically locked in his pick: Kevin Hassett, the current Director of the National Economic Council and one of his longtime advisors. Although the “decision is made,” you know how Trump is—he could change his mind at any moment. Reportedly, the candidate has been meeting frequently with the team lately, and the nomination could be officially announced before Christmas.

Hassett has been siding with Trump this year in criticizing the Fed, saying the current leadership is too politicized and slow to cut rates. If he really replaces Powell in May next year, monetary policy could get interesting. Market expectations for rate cuts have already soared to 87.6%, and that number is no joke.

What’s even more interesting is the market’s recent performance. A German finance insider noticed that after Japan raised rates, Bitcoin’s price movements were almost in sync with the yen. This could be arbitrage funds reallocating—capital always senses shifts faster than the news cycle.

Regulatory dynamics are also in play. The Swedish central bank released a report noting that the US and Europe are starting to align on stablecoin regulation, especially in core areas like settlement system access and collateral assets. The legal framework is in place, but actual implementation remains cautious—no one wants to step on a landmine.

Personnel changes, policy shifts, and capital flows—these three threads are intertwining. By the end of 2025, the financial markets probably won’t be calm. Do you think Hassett taking office would be bullish or bearish for the crypto market?