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In recent interview transcripts that have been exposed, the impact of U.S. politics on the independence of the central bank has become a focal point. Reports indicate that the U.S. President has expressed clear ideas about the Federal Reserve Chair candidate, insisting that future central bank leaders must align with economic policy goals, even outright stating "rate cuts are a necessary option." This statement directly links the President's term with monetary policy, sending a strong signal.

Personnel changes are underway. Two potential Federal Reserve officials are under observation: one has a background closely related to political circles, while the other, although emphasizing independence verbally, has a record of cooperation in actions. The President's words are straightforward: "The previous Chair's decisions were problematic; this time, we need someone who can truly cooperate." Translated, it means—the next Federal Reserve Chair needs to be more aligned with the policy intentions of the administration.

Meanwhile, the current Federal Reserve Chair has taken defensive measures. Recently, an emergency move was made to extend five-year agreements for the tenure of 11 regional Fed presidents. This move is highly informative: even if the Chair position is replaced, the regional branches can still maintain policy continuity. But the question is, how long can this wall withstand political pressure?

The deeper logic is obvious: election considerations. Rate cuts boost the stock market → stockholders' assets appreciate → approval ratings rise → electoral benefits. As for inflation rebound, debt expansion, and other aftereffects, those are issues for the next government.

The chain reaction of this power struggle has already become apparent:

First, the credibility of the Federal Reserve is declining. Once the central bank's independence is politically compromised, global market expectations of dollar stability will waver. Second, central banks around the world are quietly adjusting asset allocations—adding gold reserves and gradually reducing holdings of U.S. Treasuries. This is not a coincidence but a vote on the long-term prospects of the dollar. Third, the de-dollarization trend may shift from slow progress to accelerated evolution.

What does this mean for crypto market participants?

On one hand, the expectation of dollar depreciation will boost demand for safe-haven assets, benefiting digital assets like Bitcoin. On the other hand, increased policy uncertainty adds to market volatility. Will the Fed succumb to political pressure and cut rates early? How should ordinary investors respond to the risk of dollar asset devaluation? To what extent will the pace of de-dollarization by global central banks accelerate?

Wall Street institutions are working overtime to calculate these scenarios. Ordinary investors may need to reassess their asset allocations.