Here's something that caught market attention—a 1978 Office of Legal Counsel memo reveals a critical detail about Fed Chair succession that most traders overlook.

If the President's Fed Chair nominee gets blocked by the Senate, the sitting chairman or vice chair doesn't automatically step in. Instead, the President retains the power to appoint a current Fed board member as acting chair.

This distinction matters more than it sounds. It essentially means presidential authority over Fed leadership remains intact even when nominations face Congressional opposition. For crypto and broader markets, this clarifies how monetary policy decisions could shift depending on who holds executive power—and who gets selected for that interim role.

The memo underscores that Fed succession isn't just about seniority; it's fundamentally a matter of presidential prerogative. Given how Fed policy directly influences asset prices across crypto and traditional markets, understanding these procedural details becomes crucial for anticipating potential policy shifts.