Stephen Miran: Trump’s Bold Crypto-Centric Choice for Federal Reserve Governor

The Fed might finally get a blockchain believer in its ranks—just as Wall Street starts sweating over decentralized finance eating its lunch.

Who is Stephen Miran?

A former Treasury official turned crypto infrastructure entrepreneur, Miran's nomination signals a potential tectonic shift in how the Fed approaches digital assets. His startup helped banks settle transactions using stablecoins—because apparently SWIFT wasn't slow or expensive enough.

Why this matters now

With Bitcoin hovering near all-time highs and Congress still fumbling over basic crypto regulations, Miran's appointment could accelerate the Fed's embrace of blockchain—or die in committee like every other attempt to modernize finance. The irony? The same institution that spent years dismissing crypto now needs a crypto-native to stay relevant.

Wall Street's worst nightmare: A Fed governor who actually understands DeFi protocols better than their 1980s mainframes.

Miran’s Strong Pro-Crypto Stance

Miran has been vocal about the economic potential of crypto. In his interview with The Bitcoin Layer, he stated:

“I think that Financial deregulation is going to be a powerful part of that. I think that crypto has a big role potentially to play in innovation and ushering in another Trump Administration economic boom.”

His appointment signals Trump’s commitment to crypto-friendly economic policy. Miran’s background includes experience in Treasury and expertise on Wall Street at Hudson Bay Capital.

Miran previously criticized the Fed’s aggressive COVID-19 stimulus actions as inflationary. However, he now aligns with Trump’s calls for lower interest rates. His appointment comes as TRUMP seeks a “shadow chair” to challenge Jerome Powell’s policies.

The nomination requires Senate confirmation when Congress reconvenes in September. If confirmed, Miran WOULD vote at the Fed’s mid-September rate-setting meeting. Markets expect his presence could support arguments for rate cuts.

Two Trump-appointed governors already dissented at last week’s meeting. This marked the first time multiple governors voted against a rate decision in over 30 years.

Crypto Market Catalyst

Miran’s Fed appointment could significantly impact cryptocurrency markets. His pro-crypto stance, combined with support for loose monetary policy, creates favorable conditions for digital assets. Bitcoin and Ethereum typically perform well in low-rate, high-liquidity environments.

In particular, Miran has raised the need to streamline cryptocurrency regulations, noting in a November 2023 post on the social media platform X:

“I never cease to marvel at what fraction of ‘innovation’ in recent decades is simply due to circumventing regulations. Uber, crypto, Airbnb…”.

In response to news of Binance CEO Changpeng Zhao’s resignation, he also posted:

“And while binance did some evil shit (helping finance Iran, Hamas), maybe we should actually streamline a lot of regulations.”

Miran’s views, coupled with the fact that cryptocurrencies have traditionally performed well in low-interest-rate and high-liquidity environments, could be a significant catalyst for assets like bitcoin and Ethereum.

Additionally, Miran has experience as a senior strategist at Hudson Bay Capital, an investment firm that has traded claims in the FTX bankruptcy, which filed in late 2022. His nomination clearly shows the administration’s intent to place a figure more aligned with the rapidly evolving digital asset landscape into a key regulatory role.

After Miran’s nomination, the Bitcoin price rose around 2%, crossing $117,000.