Recently, the Federal Reserve has once again become a focal point of discussion. Former chairs Yellen, Bernanke, and Greenspan jointly issued a statement expressing strong concern over the criminal investigation faced by current Chair Powell.

The key is their wording—"unprecedented." This is no small matter.

In addition to these three former chairs, ten top economic policymakers, including four former Treasury Secretaries, signed this statement. Spanning both the Democratic and Republican parties, this lineup underscores the seriousness of the issue.

Their core point is straightforward: "The independence of the Federal Reserve, and market confidence in that independence, directly impact economic performance." This is not just empty talk—an independent central bank can formulate policies based on economic fundamentals rather than being swayed by political pressure.

What’s more interesting is their comparative analysis. The statement mentions that this kind of direct intervention in monetary policy is more common in emerging market countries with relatively weak institutions. The result? Often a vicious cycle of high inflation and broader economic chaos. The underlying message is clear—America’s competitiveness stems from the rule of law and institutional stability. Once this foundation is shaken, the subsequent economic consequences are self-evident.

For the crypto market, this discussion has profound implications. Central bank policy transparency and independence directly influence liquidity environments and interest rate expectations, which in turn affect risk asset pricing. When this independence is questioned, market participants’ expectations tend to become volatile.