The Fed is playing hide and seek, the dollar is wobbling, and crypto is waiting for its moment.

Arthur Hayes is right about the main point: official QE is politically dead, but quiet liquidity injections through SRF are the real scheme. The U.S. national debt is growing by over $2 trillion annually, there are almost no buyers, and banks are overwhelmed with securities. There is only one solution left — printing in the shadows.

It sounds like a conspiracy theory, but it's mechanics. When the repo market collapses and foreign investors leave, the Fed has only one lever left. The result? The dollar mass grows, and some of this money seeks risk assets. First stocks, then crypto. Right now the market looks sluggish due to the American shutdown — it's just a pause.

On the judicial front there is an interesting situation. Conservative and liberal judges have simultaneously questioned the legality of Trump's tariffs — a rare consensus. If the court cancels them, the Treasury will have to return up to $750 billion. If not, the tariffs will cost the economy $3 trillion by 2035. For the crypto market, any turbulence in dollar policy is like oxygen.

In the East they do not expect favors. Franklin Templeton has launched the first tokenized money market fund in Hong Kong in collaboration with HSBC and OSL Group. This is not just a pilot — it is a model for the future, where traditional assets and blockchain work as a single ecosystem. Tokenization reduces fees, speeds up settlements, and paves the way for CBDCs. Asia is not sitting on the couch.

CLARITY — the bill from White House advisor David Sachs — has received bipartisan support. If passed, the U.S. will finally provide predictable conditions for crypto. This is an influx of capital, this is a growth of trust.

The picture is clear: The Fed is preparing a hidden injection, the USA is bogged down in courts and debts, and Asia is building the infrastructure of the future. The foundation for crypto is being laid. The market is silent now, but this is not silence — it's the calm before the storm.