Federal Reserve Chair Jerome Powell recently publicly confirmed receipt of a subpoena from the Department of Justice. On the surface, it involves issues related to building renovation expenses, but industry insiders point to a deeper policy conflict—centered around the Fed's decision-making authority on interest rates.

The Trump administration has been exerting continuous pressure on the central bank to cut rates quickly to stimulate the economy. Powell, on the other hand, insists on making independent decisions based on economic data and refuses to follow the crowd blindly. This difference in stance has triggered noticeable reactions in financial markets: the US dollar index is under pressure, and stock index futures are declining. Investors are beginning to worry whether the independence of the central bank's decision-making is being eroded.

From a legal procedural perspective, the timing and content of the subpoena are indeed intriguing. How did a building expenditure issue escalate to the level of a criminal investigation? More voices suggest that there is an underlying pressure behind this on the direction of Fed policy.

For cryptocurrency market participants, this contest over the independence of the central bank directly impacts dollar liquidity and the valuation logic of risk assets. Expectations of rate cuts often benefit crypto assets, but if the independence of the central bank is compromised, the long-term credibility of policy will face tests. The market needs to closely monitor the subsequent developments of this situation.