A recent dramatic event has occurred in the US financial sector: the US Department of Justice served a grand jury subpoena to Federal Reserve Chair Jerome Powell, involving potential criminal charges related to his congressional testimony in June last year. The official reason cited was issues surrounding the renovation of the Federal Reserve building, but Powell has openly stated that this is merely an "excuse."

The reality is much more complex. Since returning to the White House in January last year, the current US administration has repeatedly pressured the Federal Reserve to cut interest rates significantly, hoping to stimulate the economy and reduce debt costs through easing policies. However, the Fed insists on making policy decisions based on economic data and public interest, and has not succumbed to these demands. This "disobedience" has provoked strong dissatisfaction from high-level officials.

Powell's stance is very firm. He emphasizes that interest rate decisions must be based on objective economic data and broad public interest considerations, rather than yielding to political pressure. Behind this is a larger issue: how to maintain the independence of central banks within political realities.

The current situation is that the term of the Federal Reserve Chair extends until May of this year. Meanwhile, the government has announced plans to name a successor in January 2026, which undoubtedly adds additional pressure on Powell's policy space.

The escalation of this event is worth noting—shifting from public pressure to legal threats, the Fed's independent decision-making authority faces unprecedented challenges. Powell stated that public service sometimes requires standing firm in the face of threats. This stance is highly significant for the entire financial system because the independence of the central bank directly impacts long-term policy stability, which in turn affects market confidence and economic outlook.

For cryptocurrency market participants, the Federal Reserve's policy direction has always been a key variable influencing asset prices. Uncertainty around interest rate policies and potential erosion of central bank independence could have profound impacts on the entire digital asset ecosystem.