The Fed chair transition and the legislative environment around digital assets are not parallel stories. They are converging ones. A Fed chair who is openly comfortable with Bitcoin as an asset class and opposed to a retail CBDC is arriving at precisely the moment when Congress is attempting to pass the most consequential digital asset legislation in US history. That convergence is structurally significant in ways that go well beyond any short-term price narrative.

Understanding private credit risk informs several practical decisions for investors and allocators.