President Donald Trump is reportedly considering several pro-crypto figures to lead the U.S. Federal Reserve, signalling a potential policy shift toward digital asset innovation at the heart of American monetary policy.
According to multiple reports, Federal Reserve Vice Chair for Supervision Michelle Bowman is among five final candidates shortlisted to replace current Chair Jerome Powell, whose term ends in May next year. The list, compiled by Treasury Secretary Scott Bessent, also includes former Fed Governor Kevin Warsh, National Economic Council Director Kevin Hassett, Fed Governor Chris Waller and BlackRock’s fixed-income Chief Investment Officer Rick Rieder.
The Treasury Department confirmed that interviews are being conducted by Bessent alongside two senior Treasury and two White House officials. A refined shortlist will be sent to President Trump, who will make the final nomination later this year. The chosen candidate must then be confirmed by the U.S. Senate.
Tensions at the Federal Reserve
The search for a new Fed Chair comes amid escalating friction between Trump and the current leadership of the central bank. The President has repeatedly criticised Powell for being “too slow” to cut interest rates, arguing that restrictive monetary policy has stifled post-pandemic growth.
Trump’s efforts to assert greater influence over the institution have intensified in recent months. He reportedly attempted to dismiss Federal Reserve Board Governor Lisa Cook following allegations of mortgage fraud, a move later blocked by the Supreme Court after Cook filed a lawsuit challenging the dismissal.
Adding to the internal reshuffle, Stephen Miran was confirmed last month by the Senate as a new Fed governor, filling the seat left vacant by Adriana Kugler, who resigned in August to return to Georgetown University.
With Powell’s term ending in mid-2025, but his board membership extending until 2028, Trump’s choice could redefine the direction of the Federal Reserve for years to come, especially in relation to cryptocurrency and digital finance.
Pro-Crypto Sentiment Rising Among Candidates
The leading contender, Michelle Bowman, has become one of the most outspoken advocates for a modernised and innovation-friendly Federal Reserve. In several public speeches, Bowman has argued that the central bank is at a “crossroads” and must decide whether to “lead or lag” in financial innovation.
She has called for regulators to adopt a more open approach toward new technologies, criticising what she described as an “overly cautious mindset” that limits progress. Bowman has even suggested that Fed staff maintain small crypto holdings to better understand the asset class, a statement that drew attention from both Wall Street and Washington.
Other contenders have also expressed positive views on cryptocurrency. Chris Waller recently remarked that the Fed is entering “a new era” and that crypto will “no longer remain on the fringes” of finance. He floated the concept of a new “payment account” system that could support entities focused on blockchain-based payment innovations.
Meanwhile, Rick Rieder of BlackRock has long shown interest in digital assets, revealing as early as 2021 that the asset management giant was “dabbling in Bitcoin.” In 2024, he reiterated to The Wall Street Journal that while Bitcoin remains volatile, public comfort and institutional participation in the asset are “steadily growing.”
Former White House economist Kevin Hassett has also disclosed a personal crypto investment, confirming in June that he holds over $1 million worth of shares in Coinbase Global Inc., one of the largest cryptocurrency exchanges in the U.S.
Decision Expected by Year-End
Treasury Secretary Scott Bessent confirmed on Monday that the final five candidates have been selected and that Trump is expected to announce his decision by the end of 2025. Speaking aboard Air Force One, Bessent said the next round of interviews will take place after the Thanksgiving holiday, with the aim of presenting Trump “an excellent list of candidates” ready for formal nomination.
Trump himself told reporters he intends to finalise his choice before the year closes, framing it as a “critical decision for America’s financial leadership and innovation future.”
If a crypto-supportive candidate like Bowman or Waller is chosen, the move could mark a historic shift in the Federal Reserve’s stance toward digital assets, potentially softening regulatory friction and encouraging closer collaboration between the U.S. government and the crypto sector.
Such a development would likely please crypto investors and entrepreneurs and further reinforce Trump’s campaign narrative positioning him as the “pro-innovation President” leading America’s financial comeback.
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