The U.S. Senate has confirmed Stephen Miran, a senior economic adviser to President Donald Trump, to the Federal Reserve Board by a narrow 48-47 vote. Miran, who currently chairs the Council of Economic Advisers, will fill the seat vacated by Adriana Kugler and serve until January 2026. This appointment marks the first time a sitting White House official will serve on the Fed Board, raising concerns about the central bank's independence.
Miran's confirmation comes just before the Fed's crucial policy meeting, where markets anticipate potential interest rate cuts. President Trump has publicly pressured the Fed for larger rate reductions, stating in a Truth Social post: "MUST CUT INTEREST RATES, NOW, AND BIGGER THAN HE HAD IN MIND. HOUSING WILL SOAR!!!"
Tom Lee, chairman of BitMine Immersion Technologies (the largest corporate Ethereum holder), suggested that rate cuts could trigger a "monster move" in crypto markets within three months. Meanwhile, the CFTC remains understaffed, with Trump nominating pro-crypto advocate Brian Quintenz to lead the agency, pending Senate approval.
Trump's pro-crypto appointments could advance his personal interests, as he co-owns World Liberty Finance with his sons. The firm's native token WLFI, with a $5.4 billion market cap, could benefit from rate cuts and favorable regulatory developments.