The Federal Reserve may welcome a new leader by the end of the year, and the impact of this change on the Crypto Assets market is worth following. Here are several key points of impact:

First, the monetary policy orientation of the new chairman will directly impact the market's short-term trends. Currently, the Fed's interest rates are at a high of 4.25%-4.50%. If the new chairman leans towards a loose policy, the market may expect a decrease in funding costs, thereby driving up the prices of high-risk assets such as Bitcoin. Conversely, if the new chairman continues to tighten policies, investors may become more cautious, leading to a short-term decline in Crypto Assets prices.

Secondly, the United States is advancing the construction of a regulatory framework for Crypto Assets, which could bring long-term benefits to the industry. Recently, the U.S. government has taken a series of measures regarding stablecoin regulation. If the new chair continues this direction, it may enhance traditional financial institutions' confidence in the Crypto Assets market and attract more capital inflows.

Thirdly, the U.S. is currently facing high debt pressure, with the debt-to-GDP ratio exceeding 123%. Against this backdrop, there are views that Bitcoin may become an option for national reserves. If the new Fed chair supports this idea, Bitcoin could be seen as "digital gold," attracting government and large institutional investments, driving prices to new highs.

Finally, the political factors in the transition of the Fed chair may also affect the market. If there are controversies during the transition process, it may raise concerns about the independence of the Fed, which in turn affects the dollar and the government bond market. In this case, Bitcoin may be viewed as a safe-haven asset and benefit from it.

Overall, the policy orientation of the new Fed chair will have a significant impact on the crypto assets market. Investors should closely follow the candidate's remarks and policy inclinations, as the market may react swiftly to policy changes. Whether the policy leans towards easing or tightening, it will bring different opportunities and challenges to the crypto assets market.