This market includes key economic officials like Scott Bessent (Treasury) and Howard Lutnick (Commerce). A departure of Bessent would be viewed as significant policy uncertainty, directly triggering volatility in US Treasury yields and the Dollar Index (at least Score 3). RFK Jr.'s status affects the healthcare sector, while changes involving pro-crypto officials (like those linked to Lutnick/Vance) could have short-term sentiment impacts on Bitcoin.

Apr 11, 2026 - Apr 15, 2026, Kristi Noem's price significantly retreated from 70.2c to 56.2c, as the market gradually digested rumors of her involvement in internal policy conflicts, cooling expectations of an immediate dismissal. Apr 11, 2026 - Apr 14, 2026, Pete Hegseth's price surged from 41.0c to 54.0c, driven by rumors of resistance or new pressure regarding policy execution at the Pentagon, sparking market concerns about his departure. Apr 11, 2026 - Apr 13, 2026, Tulsi Gabbard's price further retreated from 53.0c to 47.0c, as market expectations grew that her conflicts with hawkish cabinet members have been effectively managed, continuing to cool her exit risk. Apr 9, 2026 - Apr 10, 2026, Lori Chavez-DeRemer's price fell back from 85.0c to 75.0c, as rumors of her immediate firing cooled down somewhat, allowing extreme market panic to slightly correct. Apr 8, 2026 - Apr 11, 2026, Tulsi Gabbard's price significantly retreated from 62.5c to 53.0c, as internal friction eased and market fears regarding her exit cooled notably. Apr 8, 2026 - Apr 11, 2026, Howard Lutnick's price fell back from 60.5c to 49.0c, reflecting that friction with the economic team over trade and tariff implementation details may have reached a temporary compromise. Apr 7, 2026 - Apr 10, 2026, Kristi Noem's price steadily surged from 55.25c to 70.35c, driven by market expectations that she might be entangled in new internal policy conflicts or facing a highly elevated risk of marginalization or replacement. Apr 7, 2026 - Apr 9, 2026, Lori Chavez-DeRemer's price skyrocketed from 50.0c to 85.0c, likely due to irreconcilable labor policy conflicts or concrete rumors of an imminent firing by the White House, making the market highly confident in her departure. Apr 7, 2026 - Apr 8, 2026, Lori Chavez-DeRemer's price rapidly increased from 50.0c to 67.5c, reflecting that she might be involved in fresh major policy disagreements or facing strong internal White House rumors of dismissal. Apr 5, 2026 - Apr 7, 2026, Karoline Leavitt's price rapidly increased from 36.5c to 46.5c, reflecting fresh pressure or restructuring expectations on the White House communications team. Apr 3, 2026 - Apr 6, 2026, Tulsi Gabbard's price spiked from 48.0c to 67.5c before settling at 64.5c, as her renewed isolationist stance led to fresh, heated conflicts with hawkish cabinet members, increasing market fears of her exit. Apr 3, 2026 - Apr 6, 2026, Kash Patel's price surged from 40.0c to 77.0c before pulling back to 58.5c, driven by escalating rumors of severe clashes with DOJ and intelligence community leadership, sparking extreme market fears of his imminent dismissal that later slightly eased. Apr 3, 2026 - Apr 6, 2026, Lee Zeldin's price skyrocketed from 17.0c to 48.5c before settling at 45.0c due to reports of significant friction with the White House inner circle regarding the deregulation agenda in environmental policy restructuring. Apr 1, 2026 - Apr 6, 2026, Karoline Leavitt's price increased from 29.5c to 43.0c before stabilizing at 41.0c, likely due to fresh pressure or restructuring rumors within the White House communications team. Apr 2, 2026 - Apr 4, 2026, Howard Lutnick's price rose from 33.5c to 57.5c before retreating to 54.5c following disagreements with the broader economic team over the implementation details of trade and tariff policies. Mar 28, 2026 - Apr 3, 2026, David Sacks's price dropped massively from 58.7c to 24.3c, as his external conflict of interest issues were seemingly resolved or marginalized, removing near-term exit risks. Mar 26, 2026 - Mar 28, 2026, David Sacks's price surged from 39.5c to 58.7c, likely due to potential involvement in policy disagreements or external conflict of interests, rapidly increasing market fears of a near-term exit. Mar 27, 2026 - Mar 28, 2026, Kash Patel's price spiked from 35.5c to 48.0c, breaking the safe-haven expectation of his long-term tenure, potentially stemming from sudden friction with DOJ or other intelligence leadership. Mar 26, 2026 - Mar 28, 2026, John Ratcliffe's price rose rapidly from 28.5c to 40.0c, similarly reflecting growing internal instability within the national security/intelligence apparatus. Mar 24, 2026 - Mar 26, 2026, Kristi Noem's price dropped from 64.45c to 53.65c as the market digested her reassignment as a special envoy, cooling expectations of an immediate, outright firing. Mar 21, 2026 - Mar 22, 2026, Tulsi Gabbard's price plummeted from 67.5c to 56.5c. The reason is her Senate testimony where she broke silence and publicly supported Trump's military action against Iran, despite the resignation of her top aide Joe Kent. This alignment with the President significantly reduced the immediate risk of her being fired for insubordination. Mar 16, 2026 - Mar 20, 2026, Pete Hegseth's price retraced from 45.5c to 30.5c. The reason is the Pentagon's announcement of an internal investigation into the Iranian school bombing. Such bureaucratic maneuvers typically diffuse immediate pressure for resignation, shifting market sentiment from 'immediate firing' to 'wait and see'.

While Reza Pahlavi is a prominent opposition figure, the scenario of him actually leading the country by 2026 is speculative given the current regime's entrenchment. It is a specific geopolitical 'what-if' scenario rather than a mainstream predictable event like a scheduled US election, placing it in the medium tier of political forecasting.

If Reza Pahlavi were to take power, it implies the collapse or a coup against the current Iranian regime (Islamic Republic). Such a magnitude of geopolitical upheaval would cause a structural shock to global energy markets (likely triggering extreme volatility in Crude Oil). Additionally, the uncertainty of regime change would bid up safe-haven assets like Gold and likely negatively impact equities due to rising geopolitical risk premiums. This is a high-impact 'black swan' event for macro hedging.

The market is currently pricing a ~10% probability of Reza Pahlavi taking power, whereas mainstream international relations experts and geopolitical analysts widely agree that his chances of overthrowing the current regime and establishing de facto rule in the short term are close to zero, suggesting that a 10% probability significantly overstates his actual capacity to seize control.

Definition risk exists. The rule requires the referendum to be 'passed', meaning not just held but approved by a majority. If held but rejected, it resolves No. Additionally, martial law currently prohibits referendums; interpretative ambiguity exists if the government holds a 'consultative survey' or 'plebiscite' rather than a legally binding referendum.

A passed peace referendum would signal a definitive end to the war, significantly impacting global markets, especially energy and defense. Crude Oil could drop sharply as the geopolitical risk premium evaporates. Defense stocks (e.g., Rheinmetall RHE, Lockheed Martin LMT) might correct on expectations of reduced military aid. Risk sentiment would boost equities (S&P 500) and weigh on safe havens (Gold).

This is a moderately exotic market. While Trump merchandising is common (NFTs, sneakers), having a living president on an official U.S. Mint coin defies traditional norms and legal precedents (though commemorative rules differ). It blends political personality cults with the boundaries of official government action, making it a topic of niche speculation rather than mainstream forecasting.

The current market probability sits at just 36.5%, whereas mainstream media reports confirm the design has already received unanimous approval from the CFA and the Treasury is aggressively advancing the project (alongside putting his signature on paper bills). Although there are lawsuits, given the administration's strong executive push and the fact that a mere 'pre-order' satisfies market settlement rules, the market pricing is overly pessimistic and diverges from the rapidly materializing reality reported by the press.

While the core rule is clear, there is significant schedule uncertainty risk. The rule mentions 'Pending legal challenges' and a 'special election', with a clause resolving to 'No' if the vote doesn't happen by Nov 3, 2026. This dependency on court rulings and election scheduling increases the risk of cancellation or postponement, meaning the market could resolve based on procedural failure rather than voter sentiment.