Recently, there has been quite a stir within the Federal Reserve. The subpoena against Chair Powell points to a deeper issue—what will happen in the market when political pressure clashes with central bank independence?

On the surface, it's an investigation into building renovation projects, but at its core, it's a political test of the Fed's decision-making autonomy. After Trump returned to the White House, he has been quite critical of Powell's pace of rate cuts. Moreover, Powell previously attributed inflation issues to his predecessor's tariff policies, which at this sensitive moment, gave opponents more leverage.

Traders are most worried not about the audit itself, but about the expectation of "Powell being forced to resign" coming true. If that happens, the entire market's pricing logic for interest rates in 2026 could be shattered. No one can predict what stance the new leadership will take.

For crypto assets, any news in the short term could trigger volatility. But if Powell actually steps down and his successor is more inclined to actively release liquidity, then the long-discussed "easy monetary cycle" might no longer be speculation but a certainty. That would truly be the moment to open the liquidity floodgates.

Will this power reshuffle become a turning point for the next market cycle? The market is watching and waiting.