The appointment of Andrew Ferguson as Chair of the Federal Trade Commission (FTC) is expected to lead to increased M&A activity in the United States, as Ferguson aims to create a business-friendly environment. This change in FTC policy, which has slowed M&A activity under previous Chair Lina Khan, is anticipated to boost investment banking revenues and activity in 2025.

President-elect Donald Trump nominated Scott Bessent, a prominent hedge fund manager and pro-cryptocurrency advocate, to serve as the next Secretary of the Treasury. Bessent, founder of Key Square Group, has been a significant economic adviser to Trump’s campaign and is expected to play a pivotal role in shaping the administration’s economic policies, particularly in relation to cryptocurrencies and financial technologies.