Trump Nominates Crypto Supporter to Federal Reserve Board

8 August 2025 - 13:17 CEST

President Trump announced on Thursday that Steve Miran is his pick for the newly-vacant position as one of the seven members of the Federal Reserve Board.

Miran is currently chairman of the White House Council of Economic Advisors and he served in the Treasury Department during Trump’s first term. He had previously worked as an investment analyst and strategist for a range of firms, including Fidelity and Stanley Druckenmiller’s hedge fund, Sovarnum Capital.

He also worked as a Senior Strategist at Hudson Bay Capital Management, one of the firms which acquired distressed debt following the collapse of FTX and CEO Sam Bankman-Fried’s 25-year prison sentence for defrauding customers.

Crypto supporter

Miran has been explicitly supportive of the crypto industry.

For example, when Changpeng Zhao stood down as CEO of Binance in November 2023, admitting to violating US anti-money-laundering requirements and agreeing to $4.3 billion in fines, Miran posted to say, “While binance did some evil s**t (helping finance Iran, Hamas), maybe we should actually streamline a lot of regulations.”

And in a recent podcast, he said, “I think that crypto has a big role potentially to play in innovation and ushering in another Trump Administration economic boom."

The Fed’s role in overseeing the US banking system includes the use of digital assets. In April, it withdrew the guidance issued under Biden, effectively easing restrictions, in particular regarding the permissions required before engaging in digital asset activity. 

Miran’s past suggests he will seek to use his position to accelerate the Fed’s support and encouragement of the crypto sector.

The price of Bitcoin jumped 2.2%, to $117,687, on the day of the news of Miran’s nomination. Specifically, it posted a gain of 1.2% following Trump's Truth Social post.

Likely confirmation

Miran’s appointment follows the surprise resignation of Biden appointee Adriana Kugler, as she returns to her teaching at Georgetown University. She did not give a reason for her departure. Miran will serve the remainder of her first term, which expires at the end of January 2026. According to the Federal Reserve website, board members typically serve for seven two-year terms, providing continuity while elected politicians change. 

However, Trump made it clear his intention that Miran’s appointment will be temporary in a Truth Social post:

Truth Social post announcing Steve Miran

The president’s nomination requires Senate confirmation. Given Miran was confirmed in his current position in March, and the Republican majority in the Senate, it is unlikely to be a barrier.

Interest rate cut?

On 1 August, Miran posted his comprehensive support for Trump on X:

“It’s really inconvenient for some that President Trump—who’s busy negotiating trade deals, enacting tax law, and stopping wars—has such a great track record on interest rates, in both the dovish and hawkish directions. But the track record is there.”

Kugler was not at the Fed meeting last week when the Board voted not to change the rate, though she has consistently supported Jerome Powell’s position. Given his past support for Trump’s agenda, Miran is very likely to push for a reduction in the rate at the next meeting.