The issue of the Federal Reserve Chair's successor is becoming a key variable in the financial markets. The differences between Trump and the current leadership on economic policy have already surfaced—former leaning towards short-term liquidity releases to stimulate the stock market, while the latter needs to maintain policy stability and neutrality under inflationary pressures. The outcome of this tug-of-war will directly determine the market's operational logic in the coming years: whether to return to a loose monetary cycle or to continue enduring high interest rate pressures.

Several popular candidates are closely watched by the market. Kevin Hasset, as a veteran in policy circles, may signal a more aggressive rate cut if he takes the helm of the Fed. Kevin Waugh is gaining more recognition on Wall Street, with the market believing he can better uphold the independence boundaries of the Federal Reserve. Christopher Waller, as the current board member,’s policy inclination is also under scrutiny. The market has already priced in these possibilities, and the real concern is: the cornerstone of the Fed’s independent decision-making for nearly a century is facing an unprecedented challenge. Historical experience tells us that when monetary policy evolves into a political tool, both market volatility and long-term economic stability are at risk.

From a trading perspective, there are three dimensions worth paying attention to. First, policy signals around January 2026 will become key triggers for the market. Second, this power struggle further reinforces a narrative: in an era where traditional financial credit foundations are being shaken, the hedging value of decentralized assets is increasingly prominent. Digital assets like Bitcoin and Ethereum, serving as liquidity pools and safe havens beyond policy interventions, will gradually gain attractiveness. Lastly, in an environment of rising macro uncertainty, the stability of core holdings is crucial—avoiding being swayed by short-term fluctuations and sticking to mainstream cryptocurrencies is the strategy to navigate the changing landscape.