New Jersey officials petition US Supreme Court over prediction markets
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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 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.
The U.S. Supreme Court ruled that the president can dismiss commissioners of independent agencies such as the SEC and CFTC at will.
PANews reported on June 30th that, according to CoinDesk, the U.S. Supreme Court ruled 6-3 that the president has the power to dismiss independent commissioners at will, overturning a 91-year-old judicial precedent. Several legal experts pointed out that this move will weaken the long-standing independence of regulatory agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), alter the power balance between the president and financial regulators, and potentially affect the future regulatory decision-making structure for the financial and crypto asset markets.
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Kalshi Pushes Beyond Prediction Markets With Copper Perpetual Futures
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