In the history of the Federal Reserve, there may never have been a chairperson as politically charged as Waller. Today is not only BTC Pizza Day, but also the day Waller is officially sworn in, and the fact that it’s timed to May 22 makes it hard not to invite market speculation. After all, Pizza Day itself is a symbol of crypto assets moving from the fringes into mainstream financial markets.

What’s even more special is that this swearing-in ceremony wasn’t held at the Federal Reserve; it was held directly at the White House. In the past, inauguration ceremonies for Fed chairs have mostly emphasized “the independence of the Fed,” but Waller is clearly different this time. On top of that, considering that Trump might not even attend his eldest son’s wedding tomorrow, for him to personally preside over Waller’s inauguration today already says a lot.

Waller may become one of the most unusual Fed chairpersons in history. He has a Wall Street background, he has extremely close ties to the White House, and he is also one of the few people who truly understand the logic of capital markets. Compared with the old-school officials of the past who only kept their eyes on inflation, employment, and interest-rate models, Waller clearly understands asset prices and the liquidity cycle—and his stance toward non-sovereign assets like BTC is also far more open than the market expected.

Many people are still trying to apply the Fed framework from the past several decades to the present, but the problem is that the United States is no longer the same country it used to be. With high debt, high deficits, industry reshoring, AI competition, and mounting pressure on the credibility of the U.S. dollar all stacking up together, these factors make it difficult for the future Fed to continue playing only the role of “keeping inflation down.” Waller’s rise—at least to some extent—looks more like a signal: the Fed may be entering an “asset era” officially.