#MSCI未排除数字资产财库企业纳入范围 The U.S. Department of Justice has issued a grand jury subpoena to Federal Reserve Chair Jerome Powell, ostensibly over renovation issues at the Federal Reserve building. However, Powell explicitly pointed out that this is at best political pressure—because the Federal Reserve firmly rejected the Trump administration's demands for rate cuts.

The nature of this conflict is clear: the Federal Reserve claims that its decisions are entirely based on economic data and are unaffected by external pressures. Since Trump took office, there has been frequent pressure, even openly calling for Powell's resignation, and threatening to replace the Fed Chair in 2026. But Powell remains steadfast, insisting on independent judgment.

For the cryptocurrency market, this political struggle and the independence of central banks are critically important. The Fed's monetary policy directly influences capital flows—rate cuts typically release liquidity and boost risk asset valuations; conversely, the opposite is true. High-risk assets like $BTC and $ETH are especially sensitive to policy changes.

The current question is: how long can the Federal Reserve maintain its independence? The legal battle has just begun, and ongoing developments are worth watching. Crypto market participants are also closely monitoring this game—because it will directly impact liquidity expectations for the entire year.