According to Bloomberg, U.S. President Donald Trump recently submitted a request to the U.S. Supreme Court, seeking to grant him the immediate power to dismiss senior officials of independent agencies. This move targets Gwynne A. Wilcox, a member of the National Labor Relations Board (NLRB), and Cathy Harris, a member of the Merit Systems Protection Board (MSPB), and requests the Supreme Court to hold a special session in May 2025 to hear the case. This case not only challenges a 90-year-old Supreme Court ruling that allows Congress to limit the president's power to dismiss certain senior officials but could also have far-reaching implications for the tenure of leaders of independent agencies, including the Federal Reserve Chair. Trump has previously expressed dissatisfaction with Federal Reserve Chair Jerome Powell and hinted at a desire to replace him; the outcome of this case could pave the way for presidential intervention in the operations of independent agencies.

Case Background and Core Controversy

This lawsuit stems from the Trump administration's ongoing focus on personnel authority over federal agencies. After taking office, Trump quickly took action to strengthen control over government agencies through executive orders and personnel adjustments. However, officials of independent agencies such as the NLRB and MSPB are typically protected by law, and the president does not have the authority to dismiss them at will. This protection mechanism originates from the 1935 Supreme Court ruling in Humphrey's Executor v. United States, which confirmed that Congress could set term limits for independent agencies to ensure they are not subject to direct interference from the executive branch.

Trump's legal team argues that this limitation is unconstitutional, asserting that the president, as the core executor of executive power, should have complete appointment and dismissal authority over all executive agency officials. They point out that the complexity and influence of modern executive agencies require the president to have greater control to ensure policy consistency. In contrast, opponents argue that weakening the protective mechanisms of independent agencies would undermine their professionalism and neutrality, potentially leading to political interference that erodes the fairness of agency decision-making.

The potential impact of this case extends far beyond the tenure of the two officials. If the Supreme Court supports Trump's claims, it could pave the way for the president to dismiss key positions such as the Federal Reserve Chair and the Director of the Consumer Financial Protection Bureau (CFPB). The Federal Reserve, as the architect of U.S. monetary policy, has long been viewed as a cornerstone of economic stability. Any threat to its autonomy could trigger market turmoil and have ripple effects on the global financial system.

Threat to Federal Reserve Independence

Since taking office in 2018, Federal Reserve Chair Jerome Powell has had a tense relationship with Trump. During his first term, Trump publicly criticized Powell multiple times, claiming that his interest rate policies hindered economic growth and hinted at a desire to replace him. In November 2024, Powell explicitly stated in response to related rumors that Trump did not have the authority to dismiss him and that his term was protected by law. However, if the Supreme Court overturns the existing ruling, the president may gain greater leeway for intervention.

The independence of the Federal Reserve is not only a core pillar of the U.S. economy but also a key factor in global investor confidence. The formulation of monetary policy needs to be based on long-term economic data and professional judgment, rather than short-term political pressures. If the president can arbitrarily replace the Federal Reserve Chair, it could lead to the politicization of monetary policy, potentially resulting in uncontrolled inflation expectations or uncertainty in financial markets. For the crypto market, changes in Federal Reserve policy are particularly sensitive. In recent years, the prices of crypto assets have been closely related to the Federal Reserve's interest rate decisions.

Impact on the Crypto Market

If Trump successfully gains the power to dismiss officials of independent agencies, it could influence the crypto market through the following avenues:

• Monetary Policy Uncertainty: A weakened independence of the Federal Reserve could lead to fluctuations in monetary policy, increasing market uncertainty. Crypto assets like Bitcoin may come under pressure in the short term as investors turn to traditional safe-haven assets like gold and the dollar.
• Changes in Regulatory Environment: The Trump administration has been relatively friendly towards the crypto market and may appoint officials who support relaxed regulations, benefiting crypto exchanges, stablecoins, and DeFi projects. However, rapid policy adjustments could also lead to speculation or regulatory loopholes.
• Dollar Status and Crypto Competition: If monetary policy loses credibility, the dollar's status as a global reserve currency may be undermined, benefiting crypto assets like Bitcoin in the long term, but short-term market volatility is inevitable.

Potential Shift in Regulatory Landscape

In addition to the Federal Reserve, this case could also impact the independence of other regulatory agencies. For example, the NLRB is responsible for handling labor disputes, and its policies directly affect the employment practices of tech companies, including crypto firms. If Trump can more freely adjust the leadership of such agencies, it may promote business-friendly policies, but it could also provoke strong opposition from labor groups, leading to social and market instability.

The MSPB oversees the rights of federal employees, and its independence is crucial for maintaining the stability of the administrative system. If this board is subject to political interference, it could indirectly affect the operational efficiency of other financial regulatory agencies, thereby adding uncertainty to the compliance environment for the crypto market.

This article represents the author's personal views and does not reflect the position or views of this platform. This article is for informational sharing only and does not constitute investment advice for anyone.

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