#资产代币化浪潮 The Federal Reserve's Independence Sparks Alarm: How the Power Struggle Between Trump and Powell Could Impact the Crypto Market

Trump has made it clear he's thinking about the "next Federal Reserve Chair," implying that Powell should step down. Powell, however, firmly refuses, insisting on serving his full term.

Last week, the Fed announced a 25 basis point rate cut, bringing the target range to 4.00%-4.25%. Trump? He's fixated on 3%. This gap has directly intensified their conflict.

Looking back at recent years: in 2018, they clashed over the rate hike cycle and Trump's desire for low interest rates. By 2025, Trump escalated his stance, publicly demanding Powell "resign immediately." In mid-July, U.S. Treasury Secretary Bostick revealed that the Fed Chair selection process had already begun, and Trump even hinted at plans to dismiss Powell.

The problem is, the President legally cannot remove the Fed Chair. Powell has made it clear—he will serve until his term ends. But Trump is not giving up; the government is exploring other avenues: accusing Powell of political bias, misreporting information, and investigating the Capitol renovation overspending.

Even more startling, the Trump administration has already dismissed Fed Governor Lisa Cook, directly hitting the soft underbelly of the Fed's independence. The once-untouchable autonomy of the Federal Reserve is now being significantly squeezed.

The next few months are critical. $BTC $ETH investors need to keep a close eye on this situation—the Fed's ability to maintain independence will directly affect policy flexibility and market expectations.