As speculation mounts regarding the next Federal Reserve Chair, a significant position within the White House has become available. Kevin Hassett, currently leading the race for Fed chair, has garnered attention for his potential impact on the global economy and his pro-crypto stance, which has already resonated within the broader digital asset market. Hassett's prior advisory role with Coinbase has fueled optimism for a regulatory framework that supports innovation in digital assets.
Should Hassett assume the role of Fed Chair, his current position as head of the National Economic Council (NEC) will require a successor. Reports indicate that an existing member of President Donald Trump's Treasury team is being considered for this vacancy.
Trump Allies Consider Dual Role for Bessent
Sources familiar with internal discussions suggest that President Trump's allies are contemplating a dual role for Scott Bessent, allowing him to retain his position as Treasury Secretary while also taking on leadership of the NEC. This consolidation would centralize economic leadership within the administration. Bessent has been actively involved in the search for the next Federal Reserve Chair.
If appointed to lead the NEC, Bessent would become the primary architect of President Trump's economic strategy, facilitating policy coordination between the Treasury Department and the White House. This move would also place him in close proximity to the president, with an office in the West Wing.
A White House official stated that any discussions about personnel changes should be viewed as speculation until officially announced by the president. The White House did not provide comment to TheStreet Roundtable regarding this matter.
The NEC’s Evolving Role Under Trump
The National Economic Council is responsible for overseeing key U.S. economic policy areas, including taxation, energy, and healthcare, acting as a crucial coordinating body within the federal government. Under President Trump's second term, the NEC's function has reportedly shifted from direct policymaking towards advocacy, with Hassett frequently serving as the administration's public representative on economic matters.
Scott Bessent, who became U.S. Treasury Secretary in 2025, has established a reputation as one of Washington's most supportive figures for cryptocurrency. He has publicly praised Bitcoin (BTC) for its resilience, describing it as an asset that "never shuts down."
Furthermore, Bessent made history by becoming the first Treasury Secretary to advocate for stablecoins as a potential component of U.S. debt financing. During his remarks at the Treasury Market Conference, Bessent detailed how stablecoins and money-market funds could contribute to modernizing the government's borrowing strategies.
Bessent projects that the stablecoin sector could experience a tenfold expansion by 2030, attributing this anticipated growth to innovations fostered by the GENIUS Act. This legislation is designed to promote the development of digital assets and blockchain-based financial infrastructure.