U.S. Treasury Secretary Janet Yellen has recently become the focus of public attention. Trump is preparing to replace the Federal Reserve Chair, and Yellen is responsible for selecting the candidate, holding four names, among which "two Kevins"—Hasset and Wosh—are the most discussed. Wosh is a close confidant of Yellen and is widely favored. Although Trump jokingly said "if you mess up, you'll be fired," his trust in Yellen remains unquestioned.

What is Yellen thinking? She advocates reforming the Federal Reserve's role, strictly controlling quantitative easing, cutting government spending, and pushing for a contraction of the central bank's balance sheet. She even calls for rewriting the "Treasury-Fed Agreement" to pressure the new chair to cut interest rates. Interestingly, Yellen herself has declined the Fed Chair position, but her policy ideas have already become the center of market discussion.

What does this mean for the crypto market? If expectations for rate cuts intensify, Bitcoin and Ethereum, as risk assets, may enter a new upward cycle. But the key is whether all of this can actually be implemented—Yellen's influence, Trump's support, and whether they can offset the Fed's independence pressures are the main points to watch going forward.