The battle for the chairmanship of the Federal Reserve in Washington is intensifying, and this contest is far more complex than it appears on the surface.

The three key figures on stage each have their own characteristics. Hassert is seen as the most "compliant" choice, backed by the White House, but the market has reservations about his expertise. In contrast, Waller is favored by Wall Street and market participants who recognize his capabilities, but they worry that his independence might threaten political considerations. Meanwhile, Waller, the dark horse, has won the favor of corporate executives with his clear logic and reform ideas; surveys show that 81% of corporate leaders support him, but he is relatively unfamiliar with the decision-making circles.

The essence of this struggle is actually quite clear: loyalty versus independence. The White House's final choice often leans towards the "most convenient" candidate, as no one wants a leader who appears cooperative at first but becomes increasingly independent later on. The voices of the market and the push from Wall Street may just be pawns in the overall game.

For the financial markets and crypto assets, the policy tendencies of this new Federal Reserve leader are directly related to the future liquidity environment and market expectations.