#资产代币化浪潮 The selection of the next Fed Chair is becoming a key variable influencing the cryptocurrency market.

Recent market signals are very clear—top decision-makers' emphasis on "absolute execution capability" far exceeds any previous cycle. This is not just about personnel arrangements but also about the direction of the entire monetary policy framework transformation.

Looking at the current candidates under discussion, Haskett still holds the most favorable position. The logic is quite straightforward: compared to rivals with Wall Street backgrounds and higher academic reputation, the key factor is policy coordination. Waller, Waugh, and others, although gaining some market attention, are more likely to serve as "test balloons"—used to observe how capital markets respond to different policy paths.

The previous period of tug-of-war between the Federal Reserve and the White House has left a deep lesson for decision-makers. This time, it won't be about "checks and balances" or "balance," but about achieving high consistency in monetary policy, fiscal cooperation, and macro narrative.

In market language, this means:
The criteria for selecting the candidate are less about who understands economics best and more about who is least likely to drop the ball at critical moments.

What does this mean for risk assets like BTC and ETH?

In the short term, uncertainty will still stem from the rhythm shifts of political games, rather than technical policy disagreements. Once the candidate becomes clearer, market expectations will quickly converge, and directional volatility in asset prices will become even more transparent.

Get to the core: on the surface, it's personnel adjustments; at its core, it's a reshaping of the power structure. What truly warrants ongoing attention is not who is discussed the most, but who best fits the invisible selection criteria of "controllable, synchronized, and capable of execution." This could become an important future expectation gap in the crypto market.