Crypto's Perfect Storm: New Fed Chair, Bipartisan Market Structure Bill, and Negative Real Yields Converging!

Three macro-structural developments landed in the same week, and together they form the most bullish policy backdrop crypto has seen in years. Kevin Warsh was sworn in as the new Federal Reserve chair — a figure markets are reading as rate-cut-friendly — while the White House began its push to pass the Crypto Market Structure Clarity Act, with Senate Banking Chair Tim Scott confirming bipartisan support including Cynthia Lumis and Mark Warner working in tandem.

On the macro side, 22-year Wall Street veteran Jordy Visser published research arguing that Bitcoin has historically generated all of its outsized returns during periods of negative real yields — when CPI runs above short-term bill yields. With headline CPI near 3.7% and 3-month bills at 3.68%, that threshold is effectively being crossed right now.