The contest for the Federal Reserve chairmanship has intensified, with two Kevin counterparts vying for the position and triggering nerves across the entire crypto market—one is the aggressive rate-cutting advocate pushed by Trump, and the other is the trusted independent camp representative on Wall Street. This political and financial game essentially determines the future direction of the Federal Reserve's policies, which directly affects the rise and fall of cryptocurrency prices.

Last week, Trump revealed a bombshell in an interview, claiming that Kevin Hassett, chairman of the White House National Economic Council, and former Federal Reserve Board member Kevin Warsh, are both core candidates. Even more astonishing, he publicly called for aggressive targets to cut interest rates to 1% or even lower, and demanded that the next Fed chair negotiate rate policies with him. This is tantamount to directly challenging the Fed's independence tradition of decades, prompting a strong market reaction.

The plot took a bit of a turn. Trump had previously hinted that the candidate was already decided, but this time he said it was still in progress. He recently met with Warsh on the 10th, and Warsh’s comment that "borrowing costs should be lower" hit his sore spot. As an old associate of Trump for nearly ten years, Hassett was originally the top favorite, with some prediction platforms showing his winning probability soaring to 56%. But Wall Street collectively lit red lights—bond executives worry he would wildly cater to Trump if he comes to power, using aggressive easing policies to shake the independence of the Fed. JPMorgan CEO Jamie Dimon even explicitly supported Warsh and warned of the unimaginable consequences of undermining the Fed's independence.

Although Warsh has gained recognition on Wall Street, his shortcomings are also obvious. Since leaving the Fed, he has frequently made comments, raising doubts about his stability. The走势 of related assets like $TNSR ultimately depends on whether the Fed's choice leans toward easing or maintaining the status quo.