1. Summary of Key Points from the Hearing (Public Testimony and On-site Statements)

• The independence of the Federal Reserve is the biggest highlight: Waller repeatedly emphasized in his opening remarks and responses that "monetary policy must be strictly independent of political considerations," stating that independence "needs to be earned," and that the Fed should not become a "general institution for fiscal or social policy." He also pointed out that independence is strongest at the operational level of monetary policy but can cooperate with Congress/executive agencies in areas like banking regulation and supervision. This provides some buffer against Trump's desire for low interest rates but also avoids direct confrontation.
• Inflation and policy path: Reaffirming that price stability is the core responsibility, "inflation is a choice," and the Fed must be responsible for it. Mentioned that AI productivity might change inflation dynamics and employment prospects, implying that the policy framework needs reform and more forward-looking adjustments. He previously held a critical attitude toward QE and large balance sheets (favoring faster balance sheet reduction), but this time did not signal a hawkish stance nor explicitly commit to a specific rate cut path.
• Crypto-related statements: An on-site senator mentioned the role of blockchain and digital assets in future finance (e.g., Senator Hagerty), to which Waller responded that "digital assets have already integrated into the financial services industry." He reiterated that if confirmed, he would fully divest from crypto/Web3 holdings (including Solana, Optimism, Ethereum Layer 2, dYdX, Polymarket, etc., with a disclosed value exceeding $100 million) according to ethical rules. No strong anti-crypto remarks appeared, nor were there detailed discussions on stablecoins or custody rules.
• Other controversies: Some Democratic senators (like Warren) questioned his financial disclosures, potential conflicts of interest, and the test of "independence" related to Trump (including questions about the 2020 election). Waller responded that he has worked with ethics officials and will strictly follow rules. The overall atmosphere was a routine confirmation hearing debate, with no disruptive surprises.
The hearing did not change market expectations for Waller’s confirmation probability (the White House remains confident, expecting it to be completed before May), nor did it significantly alter the pricing of rate cuts in 2026 (current market remains cautious about short-term rate cuts).

2. Overall Impact on the Crypto Market
Short-term (24-48 hours after the hearing):
Neutral to stable, with slightly increased volatility but no systemic shocks.
• The market has already priced in its crypto holdings and signals of "crypto-savvy." The hearing did not release new negatives (such as tough anti-crypto measures or accelerated balance sheet reduction causing liquidity panic), nor did it produce unexpected positives (like clear support for stablecoin innovation).
• Risk assets reacted calmly overall, with BTC holding key levels during the hearing, ETH fluctuating slightly then stabilizing. No large liquidations or panic selling occurred.
• Potential catalysts: If the Senate moves quickly to confirm or if the FOMC (late April) meeting signals cooperation, a mild rebound could occur.

Long-term (post-confirmation):
Still a structural positive.
• The first Fed chair nominee with substantial crypto exposure suggests regulators may have a more pragmatic understanding of blockchain, DeFi, and tokenized assets rather than traditional suppression. After divesting holdings, his experience could still influence policies on bank crypto custody and payment innovation.
• Macro perspective: If his "AI productivity + flexible policy" framework is implemented, combined with potential liquidity improvements, it would be positive for risk assets (including ETH ecosystem Layer 2/DeFi).
• Risks: If balance sheet reduction accelerates or inflation control takes precedence over growth, short-term liquidity tightening could still suppress crypto.
Overall, the hearing reinforced the narrative of "decreasing policy uncertainty," but the crypto market remains driven by macro factors (inflation, geopolitics), on-chain data, and institutional rotations.

3. Ethereum (ETH) Price Trend Observation Tonight/Today
Based on real-time quotes (as of US Eastern afternoon / next morning Beijing time):
• ETH price oscillates in the $2300-$2320 range, with minor fluctuations compared to before the hearing (some periods slightly up from around $2310 or flat, within 0-1% over 24 hours). No sharp directional moves.
• Technical: Holding recent support, still relatively strong compared to BTC (supported by active Ethereum Layer 2 ecosystem). If the broader market does not collapse, large drops are unlikely in the short term, but there’s also no strong catalyst for upward attack.
• Influencing factors: ETH responded calmly during the hearing, mainly following BTC and overall risk appetite. No major unexpected statements, so no panic or exuberance. Future focus on news interpretations, Senate actions, and macro data.
• Expectation: Tonight and tomorrow are likely to continue oscillating, with a slightly higher probability of upward movement (if the market interprets "independence + innovation-friendly" positively), but volatility should remain limited. Without sudden news, breaking out of the current range is unlikely.

Summary Recommendations:
This hearing did not change the fundamental pattern of the crypto market—long-term optimism for a pragmatic regulatory environment driven by knowledgeable regulators, with short-term being a mild, event-driven window. ETH remains relatively stable; focus on risk management, on-chain data, and subsequent FOMC developments. Crypto markets are highly volatile; any analysis is for reference only, not investment advice.