Kevin Hassett, head of the White House National Economic Council, has suddenly 
become the market’s base case for the next Fed chair – and crypto investors 
are already gaming out what a “Hassett Fed” would mean. According to 
Bloomberg-sourced reporting, Hassett has “emerged as the frontrunner” for 
President Donald Trump’s choice to lead the Federal Reserve, seen as the 
candidate most aligned with Trump’s preference for lower interest rates. 
Earlier disclosures showed Hassett previously served as an adviser to Coinbase 
and holds at least $1 million in Coinbase stock. How Will Hassett Impact The 
Crypto Market? For crypto allocators, that combination of macro dovishness and 
direct exposure to a major US exchange is the core of the bull case. Bitwise 
senior investment strategist Juan Leon put it bluntly on X: “If Kevin Hassett 
becomes Fed Chair, the implications for crypto are strongly bullish.” He calls 
Hassett an “aggressive ‘dove’ who has publicly criticized current rates for 
being too high and advocated for deeper, faster cuts,” highlighting that he 
“served on Coinbase’s advisory board and owns large stake in COIN,” and that 
he “led the White House digital asset working group to shape pro-crypto 
regulation.” Related Reading: Crypto Has Entered Late-Cycle Territory, Says 
Global Liquidity Veteran But the potential Hassett regime cannot be separated 
from Treasury Secretary Scott Bessent’s emerging blueprint for the Fed. 
Bessent has been openly questioning the post-crisis operating framework. As 
Walter Bloomberg relayed from his CNBC appearance, “BESSENT ON FED: ‘AMPLE 
RESERVES REGIME’ MIGHT BE FRAYING.” Forward Guidance host Felix Jauvin 
summarized the direction of travel in a post: “Bessent wants a fed chair that 
gets us out of balance sheet shenanigans and simplifying things to how they 
were pre-ample regime. Dovish FFR, hawkish balance sheet.” He added: “I don’t 
know if I can emphasize enough just how far away we are from any sort of QE 
copium.” That framing matters for crypto. A Hassett Fed that cuts the policy 
rate faster in downturns is one thing; a return to full-blown quantitative 
easing is another. A “dovish FFR, hawkish balance sheet” mix would still be a 
friendlier macro environment than the post-2022 tightening cycle, but it is 
not a guaranteed repeat of the 2020–2021 liquidity wave that lifted every risk 
asset simultaneously. Rate cuts without large-scale asset purchases support 
risk appetite and lower discount rates, yet they do not automatically recreate 
the extreme “everything rally” conditions that many in crypto implicitly 
associate with Fed dovishness. The political logic behind Hassett’s rise has 
been described most clearly by macro commentator EndGame Macro 
(@onechancefreedm). In a thread, he argues that “Hassett isn’t leading because 
he’s the most academic or the most central bankerish. He’s leading because he 
checks the boxes Trump actually cares about.” Related Reading: Latest Crypto 
Crash Wipes $1 Billion Off Trump Family’s Wealth Trump, he writes, wants 
someone he already trusts, who has “spent years defending Trump publicly,” and 
who has been “openly critical of the Fed for being too slow, too cautious, and 
too political.” In that framework, “markets hear dovish. Trump hears I can 
deliver growth again. And crypto folks hear one of us.” Markets are starting 
to agree. On Polymarket, contracts tracking the Fed chair race show Hassett 
around 53% at press time, reinforcing that shift from speculation to 
probabilistic base case. Whether that translates into a genuine “explosion” in 
crypto will depend less on personalities than on the interaction of three 
forces: how aggressively a Hassett Fed actually cuts, how far Bessent is 
willing to go in shrinking or simplifying the balance sheet, and how markets 
reassess inflation, term premia and fiscal risk under a more overtly political 
central bank. The odds market is signaling that crypto is moving closer to the 
center of US monetary power. The scale of any move in 2026 will be determined 
by the cycle – and by how a Hassett-led Fed balances “dovish rates” with 
“hawkish balance sheet” in practice. At press time, the total crypto market 
cap stood at $2.96 trillion. Featured image created with DALL.E, chart from 
TradingView.com

Will Crypto Explode If Kevin Hassett Takes Over The Fed In 2026?

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