President Trump appointed Stephen Miran, current president of the Council of Economic Councilors, to the Council of Governors of the Federal Reserve. The friendly crypto economist will replace Adriana Kugler in a temporary role until January 2026. This decision indicates that potentials move towards lower rates and a supporting monetary policy of crypto.
Miran’s strong pro-Crypto position
Miran expressed the economic potential of the crypto. In his interview with the Bitcoin layer, he said:
“I think that financial deregulation will be a powerful part of this. I think that crypto has a great role potentially to play in innovation and inaugurate another economic boom from the Trump administration. ”
His appointment signals Trump’s commitment to crypto-friendly economic policy. The history of Miran includes an experience in cash and expertise at Wall Street in Hudson Bay Capital.
Miran had previously criticized the aggressive stimulation actions of the Fed COVI-19 as an inflationist. However, he now aligns with Trump calls at lower interest rates. His appointment comes as Trump is looking for a “shadow president” to challenge Jerome Powell’s policies.
The appointment requires confirmation of the Senate when the congress meets in September. If he is confirmed, Miran would vote at the meeting of the rate of the Fed. The markets expect its presence to support arguments for rate reductions.
Two governors appointed by Trump have already been dissident at last week’s meeting. This has marked the first time that several governors voted against a rate decision in more than 30 years.
Catalyst of the cryptography market
The appointment of the Miran Fed could have a significant impact on the cryptocurrency markets. Its pro-Crypto position, combined with support for a loose monetary policy, creates favorable conditions for digital assets. Bitcoin and Ethereum generally work well in low -rate environments.
In particular, Miran raised the need to rationalize the regulations of cryptocurrencies, noting in an article in November 2023 on the social media platform:
“I do not cease to wonder about the fraction of” innovation “in recent decades is simply due to the circulation of regulations. Uber, crypto, airbnb… ”.
In response to the resignation of the CEO of Binance, Changpeng Zhao, he also published:
“And although Binance has made an evil shit (helping to finance Iran, Hamas), we may have to rationalize a lot of regulations.”
The views of Miran, associated with the fact that cryptocurrencies have traditionally performed well in low interest and high liquidity environments, could be an important catalyst for assets like Bitcoin and Ethereum.
In addition, Miran has experience as the main strategist at Hudson Bay Capital, an investment company that has negotiated complaints in the bankruptcy of the FTX, which filed at the end of 2022. Its appointment clearly shows the intention of the administration to place a more aligned figure on the landscape of rapidly evolving digital assets in a key regulatory role.
After the appointment of Miran, the price of Bitcoin increased by around 2%, crossing $ 117,000.
The position that is Stephen Miran? Trump’s user -friendly choice for the Fed governor appeared first on Beincrypto.
