The "independent defense line" of the Federal Reserve is undergoing an unprecedented test.

The trigger is simple: the current U.S. president wants to replace Federal Reserve Board member Cook, citing issues with her mortgage application records. Cook refused, and the legal battle has reached the Supreme Court.

What appears to be a personnel dispute actually touches on a deeper issue—the boundaries of presidential power.

The White House's logic is: since I can appoint you, I also have the right to remove you. Presidential power should not be constrained.

The Federal Reserve insists on a different logic: monetary policy must be independent of political cycles. Once the central bank head starts adjusting interest rates based on the president's favor, monetary policy will become a tool for elections, and the dollar's credit system will be shaken.

The Supreme Court is expected to make a ruling on January 21. The significance of this decision goes far beyond legal boundaries—it relates to the global financial market's trust in the Federal Reserve and also to the future independence of interest rate policy formulation.

For investors and traders, the outcome of this hearing will directly impact the dollar's movement, exchange rate expectations, and even the risk pricing of the entire crypto asset market. If the Federal Reserve's independent defense line is breached, it means the most important "stabilizer" in the global financial system could fail.

Conservative justices are now under immense pressure. Expanding presidential power or defending the independence of the central bank—this is a question with no perfect answer. The global financial markets are waiting for this hammer to fall.