Trump Weighs Firing Fed Chair Powell

Trump Weighs Firing Fed Chair Powell, Shows Draft Letter to House Republicans

Donald Trump revealed a draft letter firing Federal Reserve Chair Jerome Powell during a Tuesday night Oval Office meeting with House Republicans, polling them on whether he should proceed. Though Trump confirmed discussing the idea, he claimed he had no immediate plans to act, saying he was “more conservative” than his instincts. However, sources say a termination letter was prepared and handed to Trump earlier in the week by William J. Pulte, head of the Federal Housing Finance Agency. The discussion unfolded during a separate meeting on crypto legislation but shifted to Trump’s long-standing dislike for Powell, whom he appointed in 2017. Some in Trump’s orbit are warning the move could trigger major fallout.

Major Banks Eye Stablecoins as Regulatory Clarity Nears, BoA and Citi Signal Interest

Bank of America CEO Brian Moynihan says the bank has done extensive work on stablecoins but is waiting for clearer client demand and legal certainty before launching its own, potentially with partners. He compared the adoption pace to early days of digital payment platforms like Zelle and Venmo. Citi CEO Jane Fraser confirmed they are exploring a Citi-issued stablecoin to facilitate digital payments, while JPMorgan’s Jamie Dimon acknowledged the bank’s involvement, despite past skepticism of crypto. Morgan Stanley is monitoring developments but says it’s still early to evaluate use cases. The renewed interest comes as pro-crypto legislation, including a stablecoin regulatory bill, is advancing through Congress and may reach President Trump, who has pledged to support Bitcoin and crypto adoption.

Trump-Linked Crypto Token $WLFI Approved for Trading, Raising Conflict Concerns

Holders of $WLFI, the Trump family–backed crypto token issued by World Liberty Financial, voted overwhelmingly to make the token tradeable, potentially boosting its value and increasing the Trump family’s financial stake. The family has already earned an estimated $500 million from the venture and holds billions of tokens, though exact holdings remain unclear. The move drew criticism from ethics experts and Democratic lawmakers, who warn of serious conflicts of interest as Trump pushes for crypto-friendly regulation while profiting from the sector. Despite the vote’s passage with 99.94% approval, the timeline and full mechanics of trading remain unspecified. The White House insists Trump’s assets are in a trust, but has not disclosed its structure.

House Advances GENIUS and Clarity Crypto Bills, Sets Stage for Trump Approval

The U.S. House voted 215–211 to advance the GENIUS Act, a bill that would establish a regulatory framework for stablecoins and could reach President Trump’s desk by week’s end. Lawmakers also agreed to move forward with the Clarity Act, aimed at defining crypto oversight roles between the SEC and CFTC, and a bill blocking the Fed from issuing a central bank digital currency (CBDC) to individuals. The vote followed earlier Republican infighting that had stalled progress, but opposition softened after assurances that CBDC concerns would be addressed in follow-up legislation. No Democrats supported the measures, with Rep. Maxine Waters calling them dangerous and accusing Trump of using crypto policy for personal gain. The GENIUS bill has already passed the Senate, while Clarity and the anti-CBDC bill still require Senate approval.