The Council of Economic Advisers (CEA) Chair, Stephen Miran, has resigned from his White House position. He earlier came out in support of more rate cuts in 2026, something that aligns with the US President Donald Trump’s statement. Crypto prices have plunged over the last 24 hours; however, a statement by Ken Griffin on the US Dollar may have also played a role here.
Stephen Miran Bids Adieu as CEA Chair
The resignation of Stephen Miran is reportedly not political, given his tenure was originally set for a short time. He had committed to the Senate about leaving the White House position if it ever lasted longer than it should. Miran was recently placed on unpaid leave, and the decision comes days after Kevin Warsh’s confirmed selection for the next US Fed Chair.
According to the resignation letter, reviewed by Reuters, Miran called for the importance of staying true to his word as he continues to work at the Federal Reserve.
Stephen earlier interacted with the media and confirmed his support for rate cuts in 2026. He acknowledged that inflation was above the 2% target, but emphasized that underlying price pressures were benign. He also called the current monetary policy too tight for the economy.
Crypto Prices Plunge
On the contrary, the US Federal Reserve is less likely to cut rates in 2026. Two different approaches to rate cuts are possibly leading the crypto market, and thereby crypto prices, to uncertainty. As a result, the prices are down, led by BTC, which has declined by 2.79% over the last 24 hours.
The collective market cap has dropped 1.97% of its value to reach around $2.59 trillion, once above the $3 trillion milestone. The FGI has shifted to 14 points. Also down are other top tokens, including, but not limited to, ETH (-2.52%), BNB (-2.52%), and XRP (-1.15%), in a single day.
Kevin Griffin on USD
Kevin Griffin, a notable & billionaire investor, believes that the US Dollar has lost its value in the last 12 months. According to a report by Reuters, Kevin has attributed this loss to volatile fiscal policy and expectations around rate cuts by the US Fed.
Nevertheless, he has welcomed the appointment of Kevin Warsh, who is in favor of rate cuts. If so, then it could positively influence the appetite of investors to allocate their funds to risky segments, the crypto market in this case. Meanwhile, his statement on the US Dollar has drawn attention to the limit at which investors want to stick to risky ventures.
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