The independence of the Federal Reserve is being tested. Major central banks around the world have jointly issued statements supporting Fed Chair Jerome Powell, and the high level of this joint declaration is rare — it is usually reserved for responding to international financial crises, but now it is used to defend the authority of a central bank governor. This alone highlights the seriousness of the issue.

The cause of the matter is quite clear: the U.S. Department of Justice issued a grand jury subpoena to the Federal Reserve and even threatened to bring criminal charges against Powell. The superficial reason is an investigation related to congressional testimony, but the real reason, as Powell clarified in his statement, is that the administration is using legal means to pressure, aiming to force the Fed to compromise on interest rate decisions.

Powell’s response was firm: the Fed sets interest rates based on public interest, not the president’s wishes. This is one of his rare frank statements during his tenure.

Central bank governors from various countries have also expressed their positions. The Bank of Canada governor said he fully supports Powell, stating that "he embodies the highest standards of public service," and emphasized that Fed decisions are data-driven rather than political. The European Central Bank and the German Bundesbank also stressed that central bank independence is a prerequisite for price stability — the implication is clear: this is not just an American issue but a foundation for global financial stability.

Behind this game of power, the core concern of the crypto market is reflected: how much policy space do major central banks still have? If the independence of the Fed is eroded, it means that interest rate policies could become more influenced by political cycles, which would trigger chain reactions across all asset prices. Whether you hold Bitcoin or other assets, the stability of global central bank policies directly impacts market expectations.