Federal Reserve Chair Powell's future status is becoming a key variable affecting the crypto market.

Latest market forecasts indicate that after stepping down as chair, Powell is likely to continue serving as a governor until 2028. What does this change mean? By convention, Federal Reserve leaders choose to gradually fade away, but Powell may instead become a "shadow decision-maker." To maintain the Fed's independence, his policy stance during his gubernatorial term may become even more firm than it is now—which is undoubtedly a blow to expectations for monetary policy easing.

At the same time, the selection of Federal Reserve leadership is also quietly shifting. Hassett, who was originally favored, has been overtaken in support by the more hawkish Waller. This adjustment in power structure suggests that the Fed's future policies may be more conservative than market expectations.

For the crypto market, none of this is good news. Accommodative monetary policy was once an important driver of coin price increases. If the Fed maintains a tighter policy stance during Powell's tenure as governor, the market's liquidity environment will face challenges. As risk assets, cryptocurrencies tend to fluctuate closely with macroeconomic policy direction.

What's your take on this power struggle? How might the future policy direction evolve?