#特朗普加密货币政策新方向 Year-end personnel changes are coming? Trump may finalize the new Fed chair candidate before Christmas, with White House economic advisor Kevin Hassett currently the frontrunner. However, sources say nothing has been completely settled yet.

This Hassett has not held back from criticizing Trump over the past year. The two of them have criticized the current Fed for being "too politically colored" and for moving as slowly as a snail on interest rate cuts. If he really takes over from Powell in May next year, it will be even harder to say how global monetary policy will proceed.

The market has already started to move – traders are betting on a 87.6% probability of a rate cut in December, indicating that the easing expectations have been fully priced in. Interestingly, there has been a rare synchronization between Bitcoin prices and the yen exchange rate recently. The underlying logic may be related to the Bank of Japan's interest rate hikes: traditional arbitrage funds are beginning to seek new avenues, with some flowing into alternative assets like cryptocurrencies.

The regulatory side is also quietly changing. The latest report from the Swedish central bank shows that the positions of the US and Europe on core issues such as the settlement system access for stablecoins and collateral standards are slowly aligning. Although the legal framework has provided some space, all parties are still exercising caution in actual operations.

The departure or retention of a key figure is triggering a domino effect on policy expectations, capital flows, and regulatory coordination. The market at the end of 2025 is worth keeping a close watch on.