Can Trump Fire Fed Chair Jerome Powell—And What Does That Mean For Crypto?
Main Idea
The article discusses the public clash between President Donald Trump and Federal Reserve Chair Jerome Powell over interest rate policies, highlighting potential impacts on the crypto market and the legal protections preventing Powell's removal.
Key Points
1. President Trump and Federal Reserve Chair Jerome Powell are in a public dispute over interest rate cuts, with Republicans criticizing the Fed's 'higher-for-longer' stance.
2. Trump may attempt to weaken Powell's influence by naming a successor or creating a 'shadow' central bank chief to push for rate cuts.
3. Legal protections under the Federal Reserve Act and precedent from Humphrey's Executor v. United States prevent Trump from firing Powell over policy disagreements.
4. The uncertainty from this clash could increase short-term volatility in crypto markets, with some viewing crypto as a potential safe haven.
5. Rep. Anna Paulina Luna filed a criminal referral against Powell, accusing him of misleading Congress about Fed headquarters renovation costs, escalating tensions.
Description
Crypto traders are eyeing rate cuts this year amid a growing standoff between President Trump and Fed Chair Jerome Powell.
Latest News
- Altcoins Including Ethereum, Dogecoin Slip as Market Cools Off2025-07-22 12:19:11
- Cryptojacking Resurfaces As Monero Miner Malware Hits 3,500+ Sites: Report2025-07-22 10:00:37
- JPMorgan Exploring Loans Backed by Bitcoin, Ethereum: FT2025-07-22 07:34:59
- Solana Clinches 5-Month High, Where to From Here?2025-07-22 06:24:21
- Coinbase Follows Kraken's Lead, Opens Perpetuals Trading for US Customers2025-07-22 05:55:33