The prediction markets Polymarket and Kalshi currently view Kevin Hassett — Director of the National Economic Council under President Donald Trump — as the frontrunner to replace Jerome Powell as Chairman of the Fed, with odds of 66% and 74% respectively. Hassett is regarded as crypto-friendly due to his previous participation on Coinbase's advisory board and his significant stake in the exchange.
Caitlin Long, CEO of Custodia Bank, stated that if Hassett takes power, many anti-cryptocurrency figures in the Fed will lose influence, paving the way for significant changes. However, analysts warn against having overly high expectations, recalling the case of Gary Gensler, who was once considered knowledgeable about cryptocurrency but led a strong crackdown campaign.
The betting odds are rising at the moment the Fed is having an internal debate about the direction of bank oversight. If Hassett is appointed, he will take over a Fed that is in the process of adjusting its risk approach.
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