Bitcoin News Today: Trump Nominates Pro-Crypto Adviser to Fed Board Sparking Market Gains

U.S. President Donald Trump has nominated Stephen Miran, a vocal advocate for cryptocurrency and current Chair of the Council of Economic Advisers, to a temporary seat on the Federal Reserve Board. This move has been widely interpreted as a signal of a more crypto-friendly shift in U.S. monetary policy [1]. Miran is set to temporarily replace Adriana Kugler and will need Senate confirmation before assuming the role, with a term set to end on January 31, 2026 [2].

Miran holds a Ph.D. in economics from Harvard University and has worked on Wall Street as well as in the U.S. Treasury Department. He has long supported the idea that fewer regulations would allow for greater innovation in the financial sector, especially in the crypto space [3]. He has argued that overregulation can stifle the growth of emerging industries, citing examples like Uber and Airbnb, which he claims gained traction by circumventing existing rules [4].

The appointment has already had a measurable impact on the market. Bitcoin surged over 2% in the hours following the announcement, surpassing $117,000, while Ethereum also saw gains [5]. Traders appear to be interpreting Miran’s nomination as a positive sign for crypto, given his stated preference for a lighter regulatory touch and his support for digital assets as engines of economic growth [6].

Miran’s views contrast with those of the Securities and Exchange Commission, which has been more cautious and, in the eyes of some in the industry, overly restrictive. Miran has consistently called for simpler regulations and greater freedom for crypto innovation, even when critiquing missteps by industry leaders such as Binance’s CZ [7].

Beyond crypto, Miran has also emphasized the need for lower interest rates to counter inflation driven by high tariffs and to support export growth [8]. His influence could extend to the Federal Open Market Committee, where his vote at the September meeting could prove pivotal. Even in a temporary role, his presence signals a broader administration strategy to integrate digital assets into the mainstream financial framework [9].

The appointment has also raised questions about the Federal Reserve’s political independence. Critics argue that Miran’s close ties to the Trump administration could introduce partisan influences into monetary policy decisions [10]. However, supporters highlight his economic expertise and his experience in both public and private financial sectors as strengths that align with the Fed’s mandate [11].

Gold prices saw a brief spike to $3,401 shortly after the news was announced, reflecting market uncertainty and shifting expectations about the Fed’s future direction [12]. While the long-term effects of Miran’s tenure remain to be seen, the appointment has already sparked significant discussion about the future of U.S. monetary policy and the role of digital assets in shaping it.

Sources:

[1] The Coin Republic - https://www.thecoinrepublic.com/2025/08/09/who-is-stephen-miran-the-pro-crypto-pick-who-could-reshape-the-fed/

[2] Cointribune - https://www.cointribune.com/en/trump-appoints-pro-bitcoin-voice-to-the-fed-markets-surge/

[3] AInvest - https://www.ainvest.com/news/trump-fed-nominee-key-points-2508/

[4] Mitrade - https://www.mitrade.com/insights/news/live-news/article-3-1024099-20250808

[5] MarketScreener - https://www.marketscreener.com/news/trump-appoints-stephen-miran-to-the-fed-and-keeps-control-over-powell-s-successor-ce7c5eddda8afe22

[9] Bloomberg - https://www.bloomberg.com/opinion/articles/2025-08-08/the-fed-needs-economists-who-aren-t-politicians

[12] Watcher.guru - https://watcher.guru/news/gold-hits-3401-up-39-in-a-year-as-trump-installs-miran-at-fed