According to Cointelegraph, the Federal Reserve plans to hold a meeting on October 21 to discuss innovations in payment systems, including stablecoins and the tokenization of financial products. Federal Reserve Governor Christopher Waller stated that innovation is the norm in the payment sector and looks forward to exploring the opportunities and challenges of new technologies.
At the announcement of the meeting, President Trump attempted to dismiss Federal Reserve Governor Lisa Cook, accusing her of involvement in mortgage fraud. Cook refused to resign and filed a lawsuit. 600 economists warned that undermining the independence of the Federal Reserve would increase uncertainty in monetary policy.
Trump has repeatedly expressed a desire to remove Federal Reserve Chairman Powell from office before the end of his term in 2026. A previous opinion from the Supreme Court expanded the president's power over independent agencies but noted that the Federal Reserve is a 'quasi-private entity of unique structure', and any changes in its leadership must have 'just cause'.