Here’s the latest on the Trump–Powell showdown and its impact on crypto:
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🧭 Trump vs. Powell: Movement & Crypto Impact
1. Trump flirts with firing Fed Chair Powell
On July 16, reports emerged that Trump privately asked House Republicans if he should fire Jerome Powell, criticizing his refusal to lower interest rates and the $2.5 billion Fed renovation as “fraud” or waste .
However, Trump publicly backed off, calling such a move “highly unlikely” unless Powell is found guilty of fraud .
2. Market stir, crypto rally
The initial fire rumors rattled markets, but stocks stabilized after Trump’s reversal .
Bitcoin experienced volatility too—surging to ~$119,500, dipping slightly, and ended around $119,650 amid the drama .
3. Crypto-friendly legislation gains traction
July 17 marks “Crypto Week” in Congress. The House is poised to pass a stablecoin-focused framework (“Genius Act” or “Digital Asset Market Clarity Act”) and legislation curbing a Fed-issued CBDC .
Once approved, the bills will go to Trump for a signature as soon as Friday, signaling a more transparent regulatory landscape for digital assets .
4. Trump’s crypto credentials
His admin rolls out high-profile crypto initiatives: a strategic bitcoin reserve (March 6 EO), a digital asset stockpile, a crypto czar, and revived interest in making the U.S. a global crypto hub .
Over 20% of his top appointees hold crypto assets—Trump himself reportedly has $51 million in crypto, fueling both optimism and conflict-of-interest concerns .
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🔎 Why It Matters for Crypto
Regulatory clarity is emerging: The Genius Act and similar measures would define how crypto is regulated—potentially leveling the playing field for stablecoins, exchanges, and tokens.
Market dynamics: The prospect of Powell’s firing leads to turmoil in traditional markets, which can drive investors toward crypto as an uncorrelated alternative.
Political momentum: With Trump’s support and a crypto-savvy team, the political atmosphere leans crypto-positive—though full legislation still faces hurdles and dissent from some Republicans and Democrats.
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🔭 What to Watch This Week
What Why It Matters
House vote outcome on stablecoin and clarity bills Will shape the momentum for legal crypto frameworks
Trump’s signature (expected Friday) A strong signal for U.S. embrace of crypto
Fed vs. Pompey's rhetoric Renewed rate-cut pressure or Powell drama could inject volatility into crypto
Crypto market reaction Watch BTC, ETH, and altcoin moves around key legislative milestones
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✅ Bottom Line
Trump’s push to fire Powell is largely symbolic—likely to unsettle traditional finance but also driving crypto interest. Meanwhile, major crypto legislation is advancing, potentially ushering in a clearer regulatory era. Combined, this creates a volatile yet potentially transformative moment for digital assets.