The contest for the position of the Fed Chair is evolving into a public debate about the independence of the Central Bank.

Multiple media outlets have recently reported that Trump may favor his long-time economic advisor Kevin Hassett to take over as the Fed chair. The former chairman of the White House Council of Economic Advisers and current director of the National Economic Council has a well-known relationship with Trump. The market has already reacted to this—long-term interest rates have recently fallen, with some traders viewing it as a signal of "easing expectations."

But problems also emerged.

Hassett has publicly expressed differing views on the policy path of current Chair Powell multiple times this year, clearly leaning towards more aggressive monetary easing. If a person so closely connected to the administration were to steer the Fed, the world's most influential Central Bank, could it still maintain its proud policy independence?

It is reported that the candidate has entered the final interview stage with key figures such as Vice President Vance, and the nomination may be announced before Christmas. This "chairman election" process, which has lasted for several months, has become the most dramatic transfer of power in decades.

For the cryptocurrency market, this is not just a personnel change. If the new chairman really promotes a more aggressive interest rate cut cycle, the change in liquidity environment could reshape the entire investment logic for 2025. The trend of the dollar, the pricing of risk assets, and even the demand pattern for stablecoins could all change as a result.

Of course, there is another possibility - the market has already over-priced this expectation. After all, the Fed's policy framework has its inertia; even with a change in personnel, the collective decision-making mechanism of the FOMC( still exists. The real changes may only become clear after a few meetings once the new chair truly takes office.

What do you think? Where is the boundary between the "independence" and "policy flexibility" of the Central Bank?