A recent report from a major financial media outlet has caused quite a stir in the global central banking community—The U.S. Department of Justice has launched a criminal investigation into the current Federal Reserve Chair. This sounds a bit outlandish, but the underlying issues are quite serious.

Many people may not be fully aware that currency swap agreements, which seem dull on the surface, are actually a lifeline during global financial crises. From the 2008 financial crisis to the pandemic period, the Federal Reserve used this mechanism to provide dollar liquidity to central banks worldwide, stabilizing the entire financial system. Simply put, when the world faces liquidity crises, central banks rely on the Fed as a "financial timely rain" to resolve the situation.

But here’s the problem. In the current political environment, more and more central banks are beginning to worry—could these supposedly apolitical financial tools be influenced by geopolitical considerations? Once monetary policy tools become politicized, the consequences are predictable.

Europe’s response is the most direct: some officials have already begun quietly exploring the establishment of alternative liquidity schemes independent of the dollar system. This is not just a technical preparation but also reflects deep concerns among countries about the "weaponization" of the dollar. It’s important to note that in today’s highly interconnected global economy, if countries cannot establish effective coordination mechanisms during crises, the consequences could be systemic.

For cryptocurrency market participants, such policy uncertainties will directly impact the pricing logic of risk assets. Changes in the global liquidity environment and declining credibility of central bank policies can become key triggers for market volatility. When the stability of the traditional financial system is questioned, markets will naturally seek alternative stores of value—perhaps explaining why more and more institutions are paying attention to the safe-haven attributes of digital assets.