Today’s headlines span politics, finance, and technology. A US appeals court blocked former President Trump’s attempt to remove Fed Governor Lisa Cook, reinforcing the central bank’s independence.
TikTok edges closer to US-based operations as Oracle reportedly joins a consortium amid ongoing US-China talks.
Meanwhile, the first US meme coin ETF, DOJE, prepares to debut, blending internet culture with Wall Street.
A glance at the major developments this morning.
Trump barred from firing Fed Governor
A US appeals court on Monday blocked former President Donald Trump’s bid to fire Federal Reserve Governor Lisa Cook, marking a historic moment since no president has removed a Fed governor since the central bank was founded in 1913.
The court’s 2-1 ruling allows Cook, appointed by President Joe Biden, to remain in her role and attend this week’s key Fed policy meeting, where interest rate cuts are expected to address a cooling labor market.
The court found that Trump’s claims of mortgage fraud against Cook, which she denies, were insufficient grounds for removal and noted she was denied due process, violating the Constitution’s Fifth Amendment.
The Trump administration may appeal to the Supreme Court, but meanwhile, Cook stays on the board.
This legal battle raises critical questions about the Fed’s independence, long protected by law to prevent political interference. Cook, the first Black woman on the board, has sued to challenge the firing as politically motivated. Read full report here.
Oracle may join TikTok US deal
Oracle is reportedly part of a consortium that would help TikTok continue operating in the US, pending a finalized deal framework between the US and China.
The exact details remain unclear, with multiple companies expected to be involved.
The agreement, scheduled for confirmation during a meeting between US President Donald Trump and Chinese President Xi Jinping on Friday, follows recent talks in Madrid involving US Treasury Secretary Scott Bessent.
A looming September 17 deadline that could have disrupted TikTok in the US reportedly motivated the push for a deal, though an extension of up to 90 days may be possible to finalize terms.
Neither Oracle, TikTok, nor the White House commented on the report. This move marks a key step toward shifting TikTok’s US operations under American control amid ongoing national security concerns.
Kirk’s death spurs political crackdown
Vice President JD Vance and White House Deputy Chief of Staff Stephen Miller declared on Monday that honoring the late conservative activist Charlie Kirk means targeting left-leaning groups they accuse of threatening national unity.
Vance, who recently guest-hosted Kirk’s show, and Miller pledged to use federal resources from the Department of Justice and Homeland Security to dismantle what they described as violent left-wing networks.
Miller also suggested the administration may hold nonprofit groups criminally liable for inciting attacks on law enforcement, though no evidence was presented.
Kirk was fatally shot last week at Utah Valley University, and while the motive remains unclear, the Trump administration’s response signals a hardening stance on political opposition, sparking controversy among critics who fear abuse of power under the guise of Kirk’s legacy.
DOJE ETF marks crypto milestone
The Rex Shares-Osprey Dogecoin ETF (DOJE) is set to launch this Thursday, marking the first US ETF focused on a meme coin.
Offering futures-based exposure to Dogecoin through a Cayman Islands subsidiary, the ETF allows investors to tap into DOGE’s performance without owning the token directly.
This milestone further blends internet culture with traditional finance, despite meme coins’ lack of inherent utility. Market analysts expect DOJE’s debut to pave the way for more meme coin ETFs, responding to strong investor demand.
The ETF’s approval under the Investment Company Act of 1940 distinguishes it from typical commodity-based crypto ETFs, highlighting a new phase in crypto’s integration with Wall Street.
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