The Powell era is really coming to an end.

Current Federal Reserve Chair Jerome Powell's term will officially expire on May 15, 2026, and market news suggests that the next appointment will most likely be Kevin Warsh.

Many people only know Powell's phrase "continue to raise interest rates," but few truly understand his career.

Powell is not from a traditional economist background; he studied politics and law, spent many years on Wall Street and in the fiscal system early in his career, and later joined the Federal Reserve. After officially succeeding Yellen in 2018, he experienced almost the entire most chaotic few years in the financial markets.

During the pandemic, unlimited QE flooded the markets, leading to an epic bull market in stocks and cryptocurrencies; then, with inflation spiraling out of control, the Fed launched one of the most aggressive rate hike cycles in decades. It can be said that every major fluctuation in global markets over these years almost always had Powell's shadow behind it.

For the crypto world, it’s even more so.

Many veteran players probably remember:
A phrase like "pause rate hikes," and the market instantly surges;
A phrase like "higher for longer," and the bulls collapse;
Every FOMC meeting is a major reshuffle of global funds.

And now, what the market is truly worried about is not Powell leaving, but who will succeed him—Kevin Warsh.

Warsh also comes from Wall Street, having been an executive at Morgan Stanley, served as a Federal Reserve governor, and experienced the 2008 financial crisis firsthand. But compared to Powell, his style is noticeably more hawkish.

He has always opposed long-term QE, believing the Fed should not intervene in markets endlessly, and emphasizes controlling inflation and financial discipline.

Simply put:

Powell is like someone constantly "printing money to rescue the market" during crises;
Warsh is more like someone aiming to "withdraw liquidity and rebuild order."

This is also why more and more institutions are re-evaluating risk markets recently.

Because over the past few years, whether in stocks or cryptocurrencies, the rise has essentially been driven by liquidity. If the Fed's stance shifts to a more hawkish one in the future, with higher interest rates lasting longer, high-volatility assets are likely to face a new round of pressure again.

So, the next market game is no longer just about whether to cut rates.

It’s about who will control the next round of global liquidity.