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Rumors swirl: Scott Bessent could be the next Fed chair

According to Bloomberg, former president Donald Trump plans to replace Jerome Powell after his term ends in 2026 as chair of the Federal Reserve.

By Mike Hesp
• 2 min read
Rumors swirl: Scott Bessent could be the next Fed chair

According to Bloomberg plans former President Donald Trump to replace Jerome Powell after his term ends in 2026 as chair of the Federal Reserve. Trump is said to have Scott Bessent in his sights as a striking pick with potentially big implications for the crypto market.

Trump has long been critical of Powell, mainly because he believes the pace of rate cuts is not fast enough. Powell's term as chair ends on May 15, 2026, though he will remain on the Fed board through January 2028. If Trump is reelected in November, he would have the power to nominate a new chair. That appointment still needs Senate approval.

Scott Bessent, former chief strategist at the Soros Fund, is known as a market-friendly economist with a higher tolerance for risk assets, including crypto. His potential appointment is viewed by analysts as a game changer for US monetary policy. A Fed led by Bessent could be much more open to Bitcoin and digital assets, especially as institutional adoption continues to grow.

The timing is notable: despite the current regime of high rates, Bitcoin has shown resilience. Trump's plan underscores how politically charged Fed leadership has become. With the possible appointment of Bessent, the fight over the future of the American money system appears to take on ideological weight, with crypto suddenly earning a serious seat at the table.

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