Core Argument - The amicus brief filed in the Supreme Court supports Lisa Cook's position at the Federal Reserve, arguing against her immediate removal while an investigation is ongoing [2][3][5]. Group 1: Signatories and Support - The brief is signed by every living former Fed chair and several former Treasury secretaries from both parties, indicating strong bipartisan support for Cook [2][4]. - Notably absent are economic officials from the first Trump administration, highlighting a potential political divide [4]. Group 2: Implications of Removal - The argument emphasizes that removing Cook would undermine the Federal Reserve's independence and expose it to political influences, which could damage public confidence in its operations [3][6]. - The signatories assert that the Federal Reserve's independence is crucial for maintaining control over the fiat currency and ensuring effective monetary policy [6][7]. Group 3: Nature of the Argument - The brief's focus is narrow, advocating for Cook to remain on the board during the investigation rather than dismissing the allegations against her [5][7]. - The signatories argue that a politically influenced Fed could lead to manipulation of the currency, threatening the stability of U.S. economic policy and global reliance on the dollar [7].

Market Overview - Crypto market is experiencing a downturn, with Bitcoin, Ether, and Solana all declining [1][3] - The overall crypto market value has fallen below $4 trillion [3] Factors Influencing the Downturn - Massive liquidations, with $1.7 billion in positions liquidated in 24 hours, 1.6 billion of which were long positions [4] - Renewed anxiety over potential government shutdown ahead of next week's deadline [4] - Fading momentum from the digital asset treasury (DAT) trade [5] Impact on Crypto-Related Stocks - Crypto-related stocks, including exchanges like Gemini, Coinbase, Micro Strategy, and Merrow Holdings, are also down [1] - Bitmine Immersion Technologies (BMR) is down almost 10% due to selling 5.2 million shares at $70 per share along with warrants to buy up to 10.4 million shares [2] Digital Asset Treasury (DAT) Trade - The DAT trade, involving reverse mergers and companies going public as proxy trades for Ether, Bitcoin, or Solana, has seen less activity and declining prices in public markets [5][6]