Powell is facing a critical moment. He is currently 72 years old, and his term as Federal Reserve Chair will expire in May, but this does not mean the end of his power — he holds a key card: a Board seat that can be retained until 2028. This arrangement means he can continue to participate in votes during Trump's restructuring of the Federal Reserve, influencing the subsequent direction of monetary policy.

Trump hopes to carry out sweeping reforms of the Federal Reserve, but Powell's refusal to step down has become an obstacle to this process. The Department of Justice has launched an investigation into Powell, which has been interpreted by public opinion as political pressure. Powell responded with a rare video counterattack, which has surpassed one million views on YouTube. The arrival of a subpoena has escalated this conflict to a new level.

It is worth noting that if Powell continues to serve as a Board member after stepping down as Chair, he will break a nearly 80-year-old precedent. The last person to do so was Ecks, whose name is still engraved on the Federal Reserve building — which is now undergoing renovations, and this renovation project itself has become one of the focal points of the investigation, an irony that is hard to miss.

In the power dynamics of the Board, the situation has become intense. While Trump hopes to install supporters to gain a majority on the Board, as long as Powell remains a Board member, his vote alone is enough to sway the outcome. As some analysts have pointed out, the side that holds the majority can reshape the entire Federal Reserve’s decision-making direction.

Currently, Trump has not publicly announced plans to remove Powell but has signaled that he is "observing." Legal battles, public opinion campaigns, and power struggles are unfolding simultaneously, making the future of the Federal Reserve uncertain. A new round of Senate hearings is imminent, and every move is shaping the future direction of this institution. For investors closely watching dollar policy and market expectations, the developments in the coming weeks will directly impact the macro environment of the crypto market.