U.S. President Donald Trump has appointed Stephen Miran as a temporary member of the Board of Governors of the Federal Reserve System (Fed) following the dismissal of Adriana Kugler. Miran is known for his support of cryptocurrencies and a more liberal approach to monetary policy.
This is reported by Finway
Miran’s Views and Market Reaction
Stephen Miran, who serves as the chair of the Council of Economic Advisers, will hold his position at the Fed until January 31, 2026. During this time, the U.S. administration will continue to search for a permanent candidate for this role and will also consider candidates for the position of Fed Chair. The current chair, Jerome Powell, has a term that ends in May 2026. According to preliminary information, one of the main contenders for this position from Trump’s team is Christopher Waller.
“It is a great honor for me to announce that I have chosen Dr. Stephen Miran, the current chair of the Council of Economic Advisers, for the vacant position on the Board of Governors of the Federal Reserve System,” Trump stated in a post on his Truth Social page.
Miran is known for advocating increased oversight of the Fed by the presidential administration. In his academic work, he emphasized the need to enhance the political accountability of the regulator and reduce its independence, believing that this would help avoid excessive oversight, loss of accountability, and a sole focus on combating inflation.
Miran’s appointment has already impacted financial markets. Experts believe that his involvement with the Fed could lead to a loosening of monetary policy and a reduction in interest rates. Following this news, the price of Bitcoin rose above $117,600 but later retreated without sufficient support.
Criticism and Approval Prospects
Despite the appointment, Miran has not yet been confirmed by the U.S. Senate. He must undergo hearings in the Banking Committee, after which it will be clear whether he can implement his initiatives and influence Fed policy. The appointment has faced criticism from certain senators, including Elizabeth Warren, who questioned Miran’s independence from Trump’s personal interests.
Markets are already reacting to the news of a pro-cryptocurrency politician in the Fed’s leadership.
“He is expected to take a dovish stance, which is what Trump is aiming for. It seems the market is reacting accordingly,” said Greg Magadini, Director of Derivatives at Amberdata.
Recently, the Fed has kept interest rates unchanged for five consecutive meetings. However, analysts predict that with the arrival of Trump-loyal members on the Board, the regulator may change its course. The next Fed meeting regarding rates is scheduled for September 16-17, 2025, with the likelihood of a rate cut, according to CME data, standing at nearly 90%.
BTC/USDT Rate on Binance Exchange. Source: TradingView.