Who’s Kevin Hassett, Trump’s reported crypto-friendly pick for the Fed?

Kevin Hassett has emerged as the leading candidate to replace Jerome Powell as the Federal Reserve Chair, gaining traction as President Donald Trump's preferred choice. This development comes as the administration accelerates its search for a successor ahead of a planned announcement around Christmas.

The Trump family-backed cryptocurrency firm WLFI has initiated nearly $8 million in token buybacks to counteract a significant decline in its token's market price, which currently sits 50% below its launch value. This move aims to reduce the circulating supply and stabilize the token's value amidst a challenging market environment.

Kevin Hassett, a key advisor to former President Trump and a member of the president's crypto working group, has emerged as a leading candidate to chair the Federal Reserve, according to a Bloomberg report. This potential appointment highlights the intersection of cryptocurrency advocacy and traditional financial governance.

Trump-backed World Liberty Financial (WLFI) executed a significant buyback of nearly $10 million in WLFI tokens within a six-hour window, a move aimed at bolstering investor confidence and stabilizing the token's market value. This buyback comes as WLFI's token price has been reported to linger approximately 50% below its launch price, prompting the company to take decisive action to counteract this decline.

Bitcoin's price surged to $88,000 following a positive call between former President Donald Trump and Chinese President Xi Jinping, which has significantly boosted market sentiment across both cryptocurrency and equity markets. This rise reflects a growing optimism among investors regarding potential economic stability and growth.

Former President Donald Trump's Bitcoin reserve is reportedly underwater and unaudited, raising concerns about the viability of his cryptocurrency investments. Despite this, Trump and his sons generated over $800 million from crypto asset sales in the first half of 2025, indicating a significant financial engagement with the crypto market.