The U.S. Supreme Court ruled that the president can dismiss commissioners of independent agencies such as the SEC and CFTC at will.
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The US Supreme Court affirmed the Federal Reserve's independence, but the ruling may sow the seeds for future legal challenges.
According to Mars Finance, on June 30th, the U.S. Supreme Court ruled that Federal Reserve governors still enjoy the protection of being removed from office "only for justifiable reasons," meaning the president cannot arbitrarily dismiss them, thus maintaining the independence of the Fed's monetary policy. However, the Supreme Court also ruled that the president can dismiss commissioners of other independent regulatory agencies, such as the Federal Trade Commission (FTC), without cause, overturning a long-standing legal precedent applicable to independent agencies and making the Fed almost the only federal agency still enjoying special personnel protections. Columbia Law School professor Kathryn Judge stated that while the Fed's independence has been preserved, its legal basis has been significantly weakened compared to the past few decades, and the rationale for its special treatment will need to be continuously explained to the public. Former Vice Chairman for Supervision of the Federal Reserve, Randal Quarles, previously pointed out that retaining special personnel protections only for the Fed presents a legal inconsistency and may face new judicial challenges in the future. He believes that why the Fed is an exception when the courts have determined that most independent regulatory agency officials belong to the executive branch and can be dismissed by the president remains a legal question that needs further clarification.
Trump: Major victory in the Supreme Court, president has the power to dismiss executive officials
BlockBeats reported on June 29 that US President Trump posted: "We just achieved a major victory in the Supreme Court case of Slaughter. The Court affirmed that, under Article II of the United States Constitution, the President has the power to remove officials of the executive branch and of any official appointed or represented by an executive agency. This ruling is the result of a long-sought-after decision by every US President since the 1930s. I am deeply honored to have won this historic and unprecedented ruling as the incumbent president. This is one of the most important rulings concerning presidential power." Previously, the US Supreme Court ruled 5-4 to allow Federal Reserve Governor Lisa Cook to remain in her position temporarily, and the dispute over her removal from office with President Donald Trump will continue to be resolved through legal proceedings.
The U.S. Supreme Court has denied President Trump's request to remove Federal Reserve Governor Lisa Cook from her post.
PANews reported on June 29 that, according to Bloomberg, the U.S. Supreme Court ruled 5-4 to allow Federal Reserve Governor Lisa Cook to remain in her position temporarily, continuing her legal battle with President Donald Trump over her removal. Trump had previously attempted to remove her from office based on unproven mortgage fraud allegations. This case was seen as a crucial legal test of whether the U.S. president can directly interfere in Federal Reserve personnel matters and influence the central bank's independence. The Supreme Court's decision provides legal protection for Cook to retain her position until the case reaches a final judgment.
Warsh on the Supreme Court's ruling on the Federal Reserve: "We don't need to worry about political factors."
PANews reported on July 1 that Federal Reserve Chairman Warsh gave his initial response to the Supreme Court's ruling this week that blocked President Trump's dismissal of Federal Reserve Governor Cook: "The Federal Reserve operated independently and followed its statutory duties until the Supreme Court's ruling. Following the Supreme Court's ruling, the Federal Reserve will continue to do so… I trust the federal judges appointed under Article III of the Constitution and I firmly believe in the rule of law. We will follow the Supreme Court's ruling, but from the perspective of day-to-day operations, this ruling reaffirms our position: we are doing everything in our power to perform our duties impartially, just as a referee would judge a ball. We take our reform goals seriously and will deliver on the important commitments Congress has given us—namely, achieving price stability within the framework of our 'dual mandate'; as long as we do this, we need not worry about political interference or judicial intervention. We can focus on the task at hand."
The U.S. Supreme Court rejected President Trump's decision to remove Federal Reserve Governor Lisa Cook from her post.
Mars Finance reports that on June 29th, market news indicated that the US Supreme Court rejected President Trump's request to remove Federal Reserve Governor Lisa Cook from her post, allowing Cook to remain in her current position. (Jinshi Data APP)
An anonymous Bitcoin holder has filed a lawsuit in a New York court seeking to dismiss a claim against the ownership of a "dormant Bitcoin wallet."
According to Odaily, the New York State Supreme Court has seen a key defense in a lawsuit concerning ownership of 39,069 long-dormant Bitcoin addresses. An anonymous defendant who controls the dormant wallets in question has formally filed an application with the court requesting that the lawsuit be dismissed outright. The anonymous holder argued that a Bitcoin address is merely a string of data characters on the blockchain, not a legally recognized entity, and therefore not qualified to be sued. Furthermore, industry experts pointed out a critical technical shortcoming: even if the court ultimately rules in favor of the plaintiff, without the corresponding private key, the plaintiff cannot transfer or control these Bitcoin assets on the blockchain, rendering the judgment unenforceable. The plaintiff in this lawsuit is attempting to apply New York lost and found regulations, claiming that tens of thousands of long-dormant BTC are abandoned assets, intending to acquire full ownership through legal means. (Cointelegrap)