Kevin Hassett is Trump’s top pick for Fed chairman and owns a $1 million coin

White House economic adviser Kevin Hassett has emerged as the leading candidate to replace Jerome Powell as chairman of the US Federal Reserve.

This is according to a Bloomberg report which cites sources familiar with the matter as saying Hassett is favored to take over as head of the Fed, in part because he appears to be implementing President Donald Trump’s desire to cut interest rates.

If chosen, Hassett, who revealed he owns at least $1 million in Coinbase (COIN) stock, will be the latest pro-crypto candidate to be appointed to a major position by the Trump administration.

Hassett currently serves as director of the National Economic Council, which oversees the White House Digital Assets Task Force that Trump created earlier this year.

Request per Fox News if he accepted the Fed chair job, Hassett said, “Of course I would have to say yes, because I want to serve my country and I want to serve my president.” President Trump and I have talked about this a lot.

If Kevin Hassett becomes Fed Chairman, the implications for crypto will be strongly bullish.

1. An aggressive “dove” who publicly criticized current rates as too high and advocated for deeper and faster cuts.

2. Led the White House Digital Assets Task Force to shape pro-crypto…

– Juan Léon (@singularity7x) November 25, 2025

Pro-Crypto Hassett

In addition to some $1 million in COIN stock, Hassett also revealed that he received a $50,001 annual payment from Coinbase for serving on the crypto exchange’s Academic and Regulatory Advisory Council, a body created by Coinbase in 2023.

Hassett also served on the advisory board of crypto fund manager One River Digital Asset Management and was chairman of the White House Council of Economic Advisers between 2017 and 2019, during Trump’s first term in the White House.

Other candidates to replace Powell would include the Fed Governor Chris Waller, who championed DeFi in August, and Fed vice chair Michelle Bowman, who said earlier this year that Fed staff should be allowed to invest a small amount in crypto in order to gain a “practical understanding of the underlying functionality.”

“Too late Powell”

Powell’s term as Fed chair will end in May, while his term on the Fed board will extend through January 2028.

Since entering the White House for a second term in January, Trump has consistently pressured Powell to cut interest rates as part of an effort to stimulate the economy, often deriding him as “Too late Powell.”

.@POTUS is right: too late Powell is too late.

The longer Powell stands idly by and refuses to lower interest rates, the longer Americans will be excluded from the American dream of homeownership. pic.twitter.com/MCwtwsvTd9

– Scott Turner (@SecretaryTurner) September 2, 2025

The market expects a rate cut in December

At the same time, CME Group’s FedWatch tool shows it is increasingly likely that Powell’s Fed will cut interest rates again next month.

The Fed has already cut rates twice this year, by a total of 50 basis points, and the FedWatchTool now estimates a further reduction at that level is 84.9% likely. Meeting of December 10.

The Fed reduces the probabilities for December 10 (Source: CME FedWatch Tool)

Meanwhile, traders on decentralized prediction markets platform Polymarket also anticipate that a rate cut will be announced. In a contract asking what the Fed’s decision will be in December, traders placed an 84% probability on a 25 basis point cut.

Interest rate cuts are generally bullish for cryptocurrencies because they reduce borrowing costs and increase liquidity, prompting many investors to increase their exposure to higher-risk assets such as cryptocurrencies.

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