The US Supreme Court just handed the president a power that nine decades of legal precedent said he couldn’t have. On June 29, 2026, the Court ruled that Trump can fire the heads of most independent federal agencies at will, no cause required. The one notable exception: the Federal Reserve.
For crypto markets, the ruling is less about constitutional theory and more about who sits in the chairs at the SEC and CFTC. When the president can remove agency heads without needing a reason, the personnel turnover at key regulatory bodies could accelerate dramatically.
What the Court actually decided
The ruling effectively overturns Humphrey’s Executor v. United States, a 1935 Supreme Court decision that had protected independent agency officials from being fired without just cause. That precedent stood for 91 years.
The Court carved out a specific exemption for the Federal Reserve, classifying it as a “sui generis” entity. Its governors, including Lisa Cook, remain shielded from at-will dismissal.
