In the global financial system, the status of the US dollar as the dominant reserve currency is not solely dependent on the size of the US economy. More importantly, it is the institutional credibility behind it—markets generally believe that the dollar will not be easily subject to political interference. However, once the Fed loses its independence, the US stock market will be the first to bear the brunt of the impact, and the credit of the dollar will also be significantly devalued.

In the field of cryptocurrency, stablecoins such as USDT and USDC are essentially extensions of the dollar's credit. Investors are willing to hold these stablecoins mainly because they believe there is actual dollar value backing them. If the dollar's credit collapses due to a loss of independence, the value basis of these stablecoins will also be shaken.

There are opinions that political intervention in the Fed may lead to more aggressive loose monetary policies, thereby driving up stock and cryptocurrency prices. This apparent prosperity that may occur in the short term is, in fact, a form of credit overextension. In the long run, this will severely affect the sustainability of U.S. government bonds and undermine the international status of the dollar. Ultimately, the rise of dollar assets will be like a weed without roots, difficult to sustain.

The independence of monetary policy is crucial for maintaining the stability of financial markets. It not only relates to the global status of the dollar but also directly affects the value of various financial products associated with it. In the current complex financial environment, staying vigilant and rationally analyzing the potential impacts of various policy changes on the market is essential for making informed investment decisions.