April 16

Powell's tenure ends! Is the Federal Reserve's change of leadership imminent?
Is the crypto legislation paving the way for a bull market?
On April 16, Kevin Waugh's Senate hearing officially took place. This is not an ordinary personnel change; it marks a turning point for the crypto market's destiny. The new Fed Chair nominee, proposed by Trump, signifies a return to "true monetary discipline"—eliminating the inflation demon, ending reckless money printing, and bringing the Fed back on track.
Make no mistake: with Waugh taking office, the short-term may first be “painful” before becoming “refreshing.” He advocates for balance sheet reduction and positive interest rates, which could cause short-term market pain due to rising funding costs. However, his goal is to end the old path of excessive dollar issuance under Powell and fundamentally rebuild a healthy financial environment. When the economy stabilizes and monetary discipline is established, Bitcoin, as a true hard currency, will benefit from long-term institutional support, not just a liquidity bubble frenzy.
Meanwhile, the historic breakthrough of the CLARITY Act is the real game-changer. The bill was overwhelmingly passed in the House with 294 votes to 134, with rare bipartisan support, pushed by Trump. Senator Cynthia Lummis just announced that negotiations on stablecoins are “99% resolved.” The Senate vote is imminent, and market forecasts now estimate a 70% chance of the bill passing by 2026. Banks spent $56 million lobbying against it, but this time, it’s unlikely to stop the bill. Two major positive developments—leadership change at the Fed and the establishment of a crypto legal framework—mean the crypto world is about to experience a true institutional liberation.
How should we plan for the future?