The independence of the Federal Reserve is undergoing a test. Major central banks around the world have jointly spoken out in support of Federal Reserve Chair Jerome Powell, and the high level of this joint statement is rare—usually reserved for responding to international financial crises, but now used to defend the authority of a central bank governor. This in itself 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 what it really is, Powell himself clarified in his statement— 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 Federal Reserve sets interest rates based on public interest, not presidential wishes. This is a rare straightforward statement during his tenure.

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

Behind this game of chess reflects the core issue that the crypto market cares most about: 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 will have chain reactions on all asset prices. Whether you hold Bitcoin or other assets, the stability of global central bank policies directly affects market expectations.