#美国证券交易委员会推进数字资产监管框架创新 The Fed Chair succession game heats up, crypto-friendly camp probability surpasses

The latest market odds show that Hassett's chances of winning have overtaken Wacht, making him the hot favorite to become the next Fed Chair. What does this reflect? — Traders are betting on a decision-maker who understands crypto better and is more proactive on rate cuts.

Why is the market reaction so strong? Summarized into two core points:

**More Money**
Hassett is generally seen as dovish, meaning he favors rapid and significant rate cuts. It sounds abstract, but in practice — the banking system's funds will be more abundant, and these idle funds will need to find a place. Risk assets like Bitcoin are often one of the destinations. From a macro perspective, this forms an upward underlying support.

**Policy Won't Be So Stuck**
This guy isn't from the traditional central bank bureaucratic system. He has worked as an advisor at Coinbase and still holds its stock, with practical knowledge of blockchain and crypto industry operations. A Fed leader with real industry understanding would create a more rational regulatory environment and a basis for dialogue, which benefits the certainty of the entire industry.

But again, all of this is in the expectation stage. The market is betting on these possibilities, but what actually happens and plays a role is another matter. For us, instead of guessing who will get the position, it's better to focus on risk management — maintaining a stable position, disciplined execution, and patience. The final policy implementation will speak for itself.