The first Federal Reserve Chair in history to hold cryptocurrencies is coming! Is this paradise or hell for the crypto market?
Powell is about to pack up and leave. Who will replace him? **Kevin Waugh — the first Federal Reserve Chair in human history to hold $192 million in cryptocurrencies before taking office.**
You read that right, not just indirectly through ETFs, not just a few thousand dollars worth, but real gold and silver buying over 30 Web3 assets, including Solana, dYdX, Polymarket—all on his holdings list.
The last roadblock senator, Tillis, has already loosened his stance. Waugh is seated firmly in the chair.
When the news broke, the group chat exploded. Some shouted “Take off,” others said “It’s over.”
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First, let’s talk about why some are applauding
In the past few Fed chairs, when they discussed crypto, listen carefully — it’s like your dad commenting on your rap music — clearly clueless, yet pretending to be profound.
“Speculative assets” “No intrinsic value” “Too risky”… boilerplate statements, just annoying to hear.
And what’s the result? Regulatory frameworks are rough and chaotic, either ignored or cut with a sledgehammer. Policies are like whack-a-mole, hitting wherever they pop up.
Waugh is different.
This guy has actually played the game. He knows how on-chain lending protocols work, how liquidity pools are liquidated better than you or I do.
He said at a hearing: “Digital assets are part of the financial system.”
If someone else said this, it might be scripted. But coming from Waugh, it’s a recognition built on real understanding and experience.
Let’s take a step back: future stablecoin regulation, DeFi systemic risks, on-chain liquidation crises—these will eventually land on the Fed’s desk. **Having someone who understands the space make the call is better than an old guy who makes conclusions after reading three pages of PPT, right?**
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But another group is getting impatient
The core credit of the Federal Reserve is one thing: policy independence.
Independent from politics, independent from markets, and even more independent from private interests.
This isn’t moral purity; it’s the fundamental logic underpinning global central banks. If markets start doubting that Fed decisions are influenced by private interests, this anchor is broken.
Supporters might say: “He probably cleared out his holdings before taking office, conflicts of interest are easy to resolve.”
Naive.
Clearing out only clears your holdings, not your mindset.
Someone deeply involved in an industry, their view of that industry won’t reset just because they sell their positions. When making interest rate decisions, are they thinking macroeconomics, or subconsciously feeling “I used to be one of them”?
This doesn’t mean Waugh will necessarily be biased. It’s human nature.
Think about it: if you made money on a project, then became a regulator of that sector, can you truly be 100% impartial?
It’s hard. Because your cognitive framework is already shaped.
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Greenspan was a devout free-market believer, and his faith brought prosperity but also planted the seeds for 2008.
Bernanke studied the Great Depression for twenty years. During the 2008 fire, he relied on half a lifetime of academic knowledge to make the decisions a central bank chief should.
Everyone takes office with their own cognitive framework.
Waugh is just the first in human history to include crypto in that framework.
So, is the title “First Crypto-Holding Federal Reserve Chair” a badge of honor or a burden?
The answer is simple: it depends on whether he can switch roles effectively.
He needs to prove one thing — understanding crypto doesn’t mean being hostage to crypto.
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For us, is this an opportunity or a risk?
Honestly, in the short term, uncertainty is reduced, and the market will likely rally. The narrative of “qualified person in office” alone can boost sentiment.
But in the long run, the real test is still ahead.
Waugh’s monetary policy leans hawkish, advocating rate hikes to control inflation, which isn’t friendly to risk assets. A crypto-savvy but hawkish chair versus a non-crypto but dovish one — which would you choose?
Everyone has their own yardstick.
My view is: the transition period itself is an opportunity window.
While Powell is still in office and Waugh hasn’t officially arrived, regulatory vacuum and expectation battles often create the best chances to make money — and the easiest to lose it. Volatility is opportunity; it all depends on whether you dare to bet.
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Whether the Fed Chair holds crypto or not, it doesn’t fundamentally change the long cycle.
What really impacts your account balance is always your position management and emotional control.
Don’t pin your hopes on others, even if that person has bought Solana.
Do you think Waugh’s appointment is good or bad?
#加密市场普遍上涨 #比特币突破7.9万美元 $BTC $ETH $SOL 
