Trump advocates for a court order to prevent Lisa Cook's continued tenure at the Federal Reserve
In a unique and unprecedented turn of events, Federal Reserve Governor Lisa Cook finds herself at the centre of a legal battle that could reshape the balance of power between the presidency and the central bank.
The case began when President Donald Trump asked a federal judge to block Cook from resuming her duties, following her reinstatement after being fired. The firing came after accusations from Bill Pulte, a Trump supporter, that Cook lied on mortgage applications. However, Cook's attorneys argued that her due process rights had been violated.
The hearing for the case was held on Friday by U.S. District Judge Jia Cobb in Washington. The judge did not immediately rule but said she would make a decision before the Fed's next policy meeting on Sept. 17. The judge requested further filings from both sides by Tuesday.
If reinstated, Cook would vote on interest rates as one of 12 Federal Open Market Committee members at the Sept. 17 meeting. The outcome of the case could have significant implications, as Cook's views on monetary policy could potentially sway the committee's decisions.
Meanwhile, in the world of cryptocurrency, several developments are underway. Next Technology has filed for a $500M common stock offering to buy more Bitcoin. The move indicates a growing interest in Bitcoin among tech companies, as they seek to capitalise on its potential as a valuable asset.
However, concerns about the security of some cryptocurrencies persist. Monero double-spending threat has grown after a block reorganization, raising questions about the digital currency's ability to maintain its integrity.
In more positive news, XRP and Dogecoin ETFs are set to launch this week, offering investors a new avenue to invest in these popular cryptocurrencies. The launch of these ETFs could potentially boost the value of these cryptocurrencies and increase their mainstream acceptance.
Elsewhere, Pi Network begins its final Testnet1 upgrade ahead of its mainnet transition. The upgrade aims to improve the network's efficiency and security, as it prepares for wider adoption.
Solana, another promising cryptocurrency, has received a significant boost with Pantera backing it with a $1.1B bet. The move is based on predictions that Solana's price could reach $750K, making it a lucrative investment opportunity.
In other business news, Larry Ellison's companies include OpenAI, Paramount, Warner Bros., and TikTok. Ellison's diverse portfolio reflects his wide-ranging interests, spanning technology, entertainment, and social media.
Nvidia stock has taken a hit, crashing by 3% after China accused it of breaching anti-monopoly law. The accusations have caused concerns about Nvidia's operations in China, potentially affecting its future growth prospects.
BYD stock has also suffered a significant loss, with $45 billion in value erased amid rising doubts over China's EV dominance. The setback comes as other EV manufacturers, such as Tesla, continue to make strides in the global market.
In the world of cybersecurity, hackers have seized the FBI's botnet takedown targets and built a stronger cyberweapon from it. The development underscores the ongoing threat of cybercrime and the need for robust security measures to protect against such attacks.
One user lost $1M USDC to a MEV bot after a mistaken transaction, highlighting the risks associated with DeFi transactions. The incident serves as a reminder for users to exercise caution and double-check their transactions before confirming them.
Finally, UAE's M2 crypto exchange has dropped its business model, citing regulatory pressures as the reason. The move comes as many cryptocurrency exchanges grapple with regulatory issues, highlighting the need for clear and consistent regulations to foster growth in the industry.
As these events unfold, it remains to be seen how they will shape the future of finance, technology, and politics. Stay tuned for more updates as these stories continue to develop.
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