#TradFi交易分享挑战

‍# Wosh Swears in as Federal Reserve Chair
Last night at 11 p.m., Kevin Wosh officially took the oath of office as the 17th Chair of the Federal Reserve at the White House, bringing the dramatic reshuffle of Fed leadership to a close. What policies might Wosh pursue during his tenure? How will they impact the crypto world? Let’s take a look with Xiao Caishen.

1. Policy Direction: Structural Reconfiguration with “Balance Sheet Reduction + Rate Cuts” as Dual Engines

Wosh’s policy framework is not based on the traditional “hawk-dove” binary but constructs an‌ counterintuitive “tightening with easing” path:

‌Rate cuts do not mean flooding the market‌: He advocates maintaining a slight reduction in the federal funds rate (e.g., 25 basis points) while accelerating balance sheet reduction (reducing U.S. Treasury holdings from $50 billion to $80 billion per month), using liquidity contraction to hedge against asset bubbles triggered by declining interest rates.

‌Revolution in inflation measurement standards‌: Abandoning core PCE in favor of‌ “Trimmed Mean PCE,” which excludes the top 5% most volatile prices, making policy more focused on “persistent inflation” and providing policy buffers against geopolitical energy shocks.

‌Central bank functions contracting‌: Planning to reduce FOMC meetings from 8 to 4 times, cut back on forward guidance,‌ and break market over-reliance on policy paths, reshaping the central bank’s image from “communication-oriented” to “rule-based.”

This path essentially uses financial engineering to achieve a “soft landing”: structural tightening to achieve nominal easing, avoiding triggering a debt crisis.

2. Impact on the Cryptocurrency Industry: “Legitimization Acceleration” and “Ecosystem Divergence” under Regulatory Coordination

Wosh’s policies resonate with Congress’s “PARITY Act” and “CLARITY Act,” pushing the crypto industry into a “regulatory dividend period”:

‌Stablecoins receive “institutional endorsement”‌:

The “CLARITY Act” has defined stablecoins as “payment-type digital assets,” regulated by the CFTC;

The “PARITY Act” clarifies they are treated as “cash equivalents,”‌ exempt from capital gains tax;

Although Wosh has no direct regulatory authority, his support for “modernizing financial infrastructure” will push the Fed to open the FedNow system to compliant stablecoins (such as USDC, PYUSD), making them an extension of the central bank’s payment system.

‌DeFi gains “regulatory exemption zones”‌:

The Fed does not directly regulate decentralized protocols, and Wosh has no intention of expanding jurisdiction;

The “PARITY Act” does not cover smart contracts, staking yields, and other DeFi scenarios,‌ creating a “regulatory vacuum,” providing a policy haven for non-custodial lending and liquidity mining.

‌Institutional capital accelerates entry‌:

Wosh’s emphasis on “technological neutrality” and “market efficiency” makes pension funds and sovereign wealth funds more willing to allocate BTC and ETH through‌ compliant custodial platforms‌ (such as Coinbase, Fidelity);

On May 22, 2026, BTC and ETH prices slightly declined by 0.39% and 0.44%, respectively,‌ without panic selling, reflecting the market has priced in a “hawkish but non-hostile” stance. $AMZN