The global financial markets have been quite lively recently. On one side, the appointment of the Federal Reserve Chair is about to be finalized, and on the other side, traditional financial giants are rushing into the crypto space. These two seemingly unrelated events are actually driving a major shift in the market behind the scenes.

First, regarding the Fed Chair. Trump announced on January 13th that he will decide on the new chair "within the next few weeks," to succeed Powell, who is stepping down in May this year. At this critical juncture, the Department of Justice is investigating Powell, and there are voices within the Republican Party trying to obstruct, but Trump is very determined and says he will continue to push forward.

Currently, the focus is on several candidates, including Rick Reider, Chief Investment Officer of Global Fixed Income at BlackRock. Trump has already interviewed Reider on January 15th. Interestingly, Reider has advocated on multiple occasions for lowering interest rates to 3% (currently 3.5%-3.75%). If this dovish stance becomes official policy, the risk asset markets—including crypto assets—could experience a liquidity spring. According to the U.S. Treasury Secretary, Trump is likely to announce the final candidate around January 21st at the Davos Forum.

Meanwhile, major asset management firms are also actively exploring new avenues. Franklin Templeton recently announced that it will connect two of its money market funds to blockchain networks. Such actions are becoming more frequent, indicating that traditional finance is no longer standing on the sidelines but actively embracing the crypto ecosystem. From policy expectations to capital flows, the landscape of this game is quietly being rewritten.