Trump announced the nomination of "pro-encryption" official Stephen Miran to serve on the Federal Reserve Board of Governors.

On August 8, President Trump announced: "I have chosen current Chairman of the Council of Economic Advisers Stephen Miran to fill the recently vacated position on the Federal Reserve Board of Governors, with a term ending on January 31, 2026. At the same time, we will continue to search for a long-term replacement for the Federal Reserve position. Stephen holds a Ph.D. in Economics from Harvard University and performed excellently in my first administration. He has been with me since the beginning of my second term, and his expertise in economics is unparalleled—he will do exceptionally well. Congratulations to Stephen." It is reported that Stephen Ira Miran is an American economist and currently serves as the Chairman of the Council of Economic Advisers (since March 2025). He graduated from Boston University in 2005 with a major in Economics, Philosophy, and Mathematics, and earned his Ph.D. in Economics from Harvard University in 2010, with Martin Feldstein as his advisor. Miran served as a Senior Economic Policy Advisor at the U.S. Department of the Treasury from 2020 to 2021, participating in fiscal support efforts during the pandemic, such as the Payroll Protection Program in the CARES Act. He is currently a Senior Strategist at Hudson Bay Capital Management and a co-founder of the asset management company Amberwave Partners, as well as a part-time research fellow at the Manhattan Institute. Miran supports Trump's economic protectionist policies, advocating for the use of tariffs to reduce trade deficits and to push for a revaluation of the dollar against other currencies. According to public information, during his tenure as Chairman of the Council of Economic Advisers, he explicitly supported the Trump administration's friendly policies towards Crypto Assets. He believes that Crypto Assets have the potential to stimulate economic growth, drive financial innovation, and combat inflation, especially in the context of Trump's economic plan.