Breaking! Trump hints at bypassing the Department of Justice investigation into Powell's renovation costs, is the Federal Reserve's independence about to blow up? Global assets won't sleep well tonight.

Trump’s pressure on the Federal Reserve has taken a different approach this time. When the media asked him if it was possible for agencies outside the Department of Justice to investigate Powell and the Fed’s renovation expenses, the old man simply replied, “Yes, that’s easy.”

Plain language: The sword of accountability hasn’t been taken back, but the hand holding the sword has changed. This leaves a crack in the current deadlock over the Fed leadership change. But don’t celebrate too early—there’s still significant risk of undermining the independence of the central bank.

The issue stems from the most sensitive nerve among $BTC holders: interference in currency. In his latest interview, Trump responded to an external probe—whether he could bypass the Department of Justice and have other agencies investigate Powell. He nodded readily.

Once this side door is opened, it directly hits the core of his nominated Fed chair candidate Kevin Wirth. North Carolina Senator Thom Tillis, a key vote on the Banking Committee, has already made it clear: until the investigation into Powell is clarified, Wirth’s nomination won’t pass.

For Wirth’s appointment to break through, Tillis’s vote is essential. Trump’s statement about “replacing the investigation target”—whether it can revive this deadlock—is uncertain. No one dares to guarantee the outcome.

A compromise? The option of congressional investigation has surfaced. Tillis mentioned recently: if Congress steps in to investigate, it could force the Department of Justice to withdraw the case. This effectively shifts the ball from the executive branch’s DOJ to the legislative branch’s turf. Theoretically, it satisfies Tillis’s demands and leaves Trump some political space to continue controlling Powell.

But in practice, will Tillis loosen up and vote to confirm Wirth? The suspense remains.

The renovation expenses became the fuse for the entire chess game. Trump mentioned the Fed’s building project again in the interview: “That building was quite nice originally, they tore it down, probably because the repair costs were too high.” He hinted that there must be some hidden issues—“You need to figure out where the problem lies.”

The core of this controversy is the actual cost of renovating the Fed headquarters and Powell’s statements about the money during congressional testimony. The Department of Justice’s investigation has already started, and now it’s tied to Wirth’s confirmation vote, turning into a political mine.

Powell’s future is even more concerning. His current term ends in mid-May. He previously said: as long as the DOJ is investigating, he will stay on as a board member after his term ends; if Wirth isn’t confirmed by then, he could even continue as acting chair.

Trump’s response is straightforward: if Powell doesn’t “step down in time,” he might just fire him. This series of actions has already sounded alarms within Congress. Many lawmakers have publicly expressed concern about the erosion of central bank independence.

Experienced analysts understand: once the Fed’s independence is substantively shaken, the impact on the U.S. economy will be profound—more plainly, this could be the trigger for black swan events for risk assets like $BTC and $ETH. If central bank decisions become politicized, market expectations for dollar creditworthiness and interest rate paths will be completely reshaped.

Tonight, not only Washington politicians are watching the Fed’s door.

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