Bitcoin pricing in 2026 may hinge on officials and executives who set dollar liquidity, US market access, ETF distribution, stablecoin settlement capacity, and exchange venue rules, based on a market-structure framework that prioritizes chokepoints over social reach.

The scale of each chokepoint is measurable in flows, assets, and supply, which makes a short watch list practical for traders and allocators tracking what can change the investable boundary of crypto.

Here’s who is in charge at each of the chokepoints.

1. Federal Reserve Chair Jerome Powell, whose rate path and shifting cut expectations can rapidly swing risk appetite.
2. SEC Chair Paul S. Atkins, who influences how crypto products and intermediaries gain U.S. regulatory…