We all know that Wall Street loves certainty. That’s why everybody’s on the edge of their seats watching the rapid ascension of Kevin Warsh.

You see, there are few institutions that shape market certainty more than the U.S. Federal Reserve. The Fed’s stable and relatively predictable monetary and fiscal policy enable investors to act with confidence. But that confidence instantly evaporates when there’s a change of leadership at the Fed.

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Financial markets normally take a beating during periods of transition — particularly speculative assets like crypto. Markets stumble in the early days of a new regime, and the selloffs can be absolutely brutal.

So, what does all this have to do…