Recent personnel changes in Washington are profoundly rewriting global financial market expectations. The issue of the Fed's decision-making independence has come to the forefront, and the power struggles behind it directly relate to the liquidity landscape in the coming years—similarly, the impact on the Crypto Assets market is significant.

Two key figures with the same name but completely different backgrounds appeared on stage. One is a financial scholar who became a member of the Fed at the age of just 35, having been tempered by the 2008 financial crisis and being a participant in the era of quantitative easing. He voluntarily resigned in 2011 out of concern for QE policies — this action earned him a reputation for being "principled." After that, he turned to academia and policy research while also entering the highest circles of power through family ties.

The resume of another individual is a model of a close power aide. He once chaired the White House Economic Policy Council and participated in designing tax reform, being a staunch policy executor. The opposition between the two essentially reflects an age-old question: should the central bank operate independently or obey the commands of the political cycle?

From the perspective of liquidity, the outcome of this contest will determine the tone of U.S. dollar policy. If there is a tendency towards political priorities, then expectations for interest rate cuts may be exaggerated, thereby increasing the attractiveness of risk assets including Crypto Assets; if it adheres to the framework of traditional central bank independence, the market will face more policy uncertainty. Currently, the crypto market is highly sensitive to macro liquidity, and shifts in the Fed's stance often trigger price fluctuations within days.

The most ironic part is that the power of this choice ultimately rests in the hands of one person - and that person just happens to be known for breaking the establishment's rules.