Crypto-friendly White House economic adviser Kevin Hassett is emerging as a prime candidate to succeed Jerome Powell as chair of the Federal Reserve, as reported by Bloomberg.

Hassett, who has played a significant role in President Trump’s cryptocurrency initiatives, is viewed as the leading choice among the president’s advisors to lead the Fed. He supports Trump’s stance on reducing interest rates, which Bloomberg reports is a shared sentiment among several prominent figures close to the former president.

Currently serving as the director of the National Economic Council, Hassett oversees a digital asset working group initiated by Trump in January. This group published a report in July addressing potential policies regarding cryptocurrency.

In addition to his political service, Hassett also holds significant investments in cryptocurrency, including more than $1 million in Coinbase stock, as he previously disclosed in June. His involvement with Coinbase includes a position on the Academic and Regulatory Advisory Council.

In light of Powell’s term ending in May, Trump is reportedly exploring a roster of candidates, including Michele Bowman and Chris Waller, both of whom have expressed progressive views towards crypto in their respective roles at the Fed.

With the Fed’s rate cuts this year already totaling 50 basis points, markets remain optimistic about potential further reductions by Christmas, with estimates indicating an 85% chance for a 25-basis-point cut at the December meeting.