Emre Yumlu 
With Jerome Powell’s term as Fed Chair coming to an end in May, the Trump administration is evaluating at least 11 potential candidates to take over the role. Notably, at least three of these names have previously expressed positive views toward cryptocurrencies, sparking strong interest from both traditional markets and the crypto community.
11 Strong Contenders on the Table for Fed List
Treasury Secretary Scott Bessent told Fox News on Wednesday that there are “11 very strong candidates” under consideration for the Fed chair position, and that the vetting and shortlisting process will begin next month.
According to a CNBC report dated August 13, the list includes Dallas Fed President Lorie Logan, former St. Louis Fed President James Bullard, Fed Vice Chair Philip Jefferson, Fed Governor Chris Waller, Fed Vice Supervision Chair Michelle Bowman, and former Fed Governor Larry Lindsey.
Other notable names include former Bush administration economic adviser Marc Sumerlin, Jefferies chief market strategist David Zervos, and BlackRock’s Global Fixed Income CIO Rick Rieder.
Interest Rates and Crypto Market Impact
The Federal Reserve’s monetary policy plays a pivotal role in shaping global market sentiment. Lower interest rates typically boost liquidity and drive investors toward riskier assets — including Bitcoin and altcoins. In contrast, higher rates usually lead to capital outflows from volatile assets like crypto.
BlackRock’s Rieder: “Bitcoin Is Here to Stay”
Among the candidates, Rick Rieder stands out for his consistent pro-crypto stance.
In early 2024, he told the Wall Street Journal that Bitcoin could “become a big part of the asset allocation framework” and that people will gradually become more comfortable with it over time.
Back in 2020, Rieder told CNBC that Bitcoin and cryptocurrencies are “here to stay,” emphasizing that younger generations’ openness to digital assets and technology is undeniable. Today, BlackRock manages the largest Bitcoin and Ethereum ETFs in the market.
Waller and Bowman Signal Openness to Crypto
Two other candidates, Chris Waller and Michelle Bowman, have also shown crypto-friendly attitudes.
On August 20, Bowman suggested that Fed staff should be allowed to invest small amounts in crypto, arguing it would provide them with a better working knowledge of the underlying technology.
A day later, Waller noted that the banking sector had “nothing to fear” from crypto payments operating outside the traditional system, framing it as simply “a new technology for transferring and recording transactions.”
FED Powell’s More Cautious Approach
Outgoing Chair Jerome Powell has addressed crypto several times but with more caution. In June, he stated that cryptocurrencies had become more mainstream and that banks were expected to increase their engagement with the sector.
However, in December, he clarified that he viewed Bitcoin more as a competitor to gold rather than the U.S. dollar.
Jefferies’ Growing Crypto Ties
Another candidate, David Zervos of Jefferies, comes from a firm that has been heavily involved in crypto-related ventures. Jefferies has supported the IPOs of eToro, Circle, Bullish, and Figure, while also backing Michael Saylor’s Bitcoin acquisition strategy at an early stage.
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