The Federal Reserve's power transition is imminent, and the tension at this moment may be greater than you imagine.

Powell directly appeared before the Supreme Court hearing this week, and what he faces is not just a routine lawsuit—behind it is Trump's attempt to impeach Fed Board member Cook. Did Cook involve in loan fraud? He strongly denies it and has countersued. If Trump’s move succeeds, the power structure of the Federal Reserve will undergo a fundamental change, and the independence of the central bank will face unprecedented challenges.

Even more interestingly, Powell himself is caught in a criminal investigation swirl, and he has chosen to appear in court at this critical moment. This is not just a personnel dispute; it is the final defense for the Fed’s autonomy.

What does this mean for the crypto market? The Fed’s policy space, liquidity release pace, and interest rate trajectory—these could all be rewritten depending on the Supreme Court’s ruling. The valuation logic of Bitcoin and the entire crypto asset market is built on expectations of the stability of the US financial system. Once this expectation is shaken, market reactions could be intense, but it’s still difficult to precisely assess how severe they will be.

Global investors are watching this hearing closely. It’s not just about a position’s fate but about who will steer the future direction of the US economy for the next decade.