28-8-2025 – The Trump administration is evaluating 11 potential replacements for Federal Reserve Chair Jerome Powell when his term expires in May, with at least three candidates demonstrating favorable positions toward cryptocurrency, Treasury Secretary Scott Bessent revealed Wednesday.
Bessent told Fox News the vetting process will begin next month to narrow the field of “very strong candidates.” Among those under consideration are several current Fed officials, including governors Chris Waller and Michelle Bowman, who have recently signaled openness to digital assets. Bowman suggested last week that Fed staff should invest small amounts in crypto to better understand the technology, while Waller dismissed concerns about crypto payments operating outside traditional banking systems.
The candidate pool also includes BlackRock’s Rick Rieder and Jefferies’ David Zervos, both with crypto industry connections. Rieder has publicly endorsed Bitcoin as a potential “big part of the asset allocation framework,” while Jefferies has backed numerous crypto companies including Circle, eToro, and Bullish. BlackRock manages the largest Bitcoin and Ethereum ETFs currently available.
Powell’s replacement could significantly impact cryptocurrency markets, as the Fed’s interest rate decisions directly influence investor appetite for riskier assets like digital currencies. Powell has maintained a cautious approach toward crypto throughout his tenure, though he acknowledged the sector’s growing mainstream adoption.
