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Judge Stops Trump From Firing Fed Governor Lisa Cook – Here’s Why
A federal court ruling protects Lisa Cook after Trump alleged mortgage fraud tied to her Atlanta property.
Cook Declares Atlanta Property a Vacation Home
The legal clash between President Trump and Federal Reserve Governor Lisa Cook has taken a sharp turn. Trump moved to fire Cook last month, citing evidence presented by the Federal Housing Finance Agency (FHFA) director that alleged mortgage fraud.
Cook, however, countered with documents showing her Atlanta property was listed as a “vacation home,” not her primary residence. A May 28, 2021, credit union loan application identified two other properties as her main residences, undercutting the fraud allegation.
She also presented a supplemental SF-86 questionnaire, dated December 3, 2021, used for federal background checks. In that filing, Cook listed the Atlanta home as her “second home,” consistent with her earlier disclosure.
Rejecting Pulte’s Allegation
Administration officials led by Bill Pulte accused Cook of falsely claiming both her Michigan and Atlanta properties as primary residences. Trump relied on this claim in his move to fire her “for cause,” a standard usually reserved for misconduct in office.
But a federal judge disagreed. Judge Jia Cobb of the US District Court in Washington, DC, blocked the president’s attempt, ruling that the allegations did not meet the threshold for removal.
Cobb stated, “President Trump has not identified anything related to Cook’s conduct or job performance as a board member that would indicate that she is harming the board or the public interest by executing her duties unfaithfully or ineffectively.”
She added that “‘for cause’ thus does not contemplate removing an individual purely for conduct that occurred before they began in office.”
White House Responds
So far, neither the White House nor the FHFA has offered new evidence to support the allegations. Following the ruling, Trump administration officials said the fight was not over.
In a statement, the White House said, “This ruling will not be the last say on the matter, and the Trump administration will continue to work to restore accountability and confidence in the Fed.”
Why This Matters
The court’s intervention underscores the legal limits of presidential power over Federal Reserve governors. With Cook shielded for now, the ruling sets a precedent that misconduct allegations tied to pre-office activity may not justify removal from one of the most powerful economic posts in government.
@ Newshounds News™
Source: Coinpedia
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Expert Reveals New Launch Date for REX-Osprey XRP ETF
The long-awaited REX-Osprey XRP ETF faces another delay, raising uncertainty for investors.
Launch Pushed Back Again
The launch of the REX-Osprey XRP ETF, originally expected on September 12, has been postponed once more. Bloomberg ETF analyst James Seyffart announced that the rollout will likely take place next week instead.
Seyffart clarified that both the XRP and Dogecoin ETFs from REX Shares and Osprey Funds are still in the pipeline but not yet ready to go live.
His colleague, Eric Balchunas, echoed the update in a post on X, suggesting the DOGE ETF may debut by Thursday, September 18, with the XRP ETF to follow. The back-to-back delays have cast doubt on whether the issuer can stick to its plan of launching the Dogecoin product before the XRP fund.
REX-Osprey ETF Strategy
REX Shares and Osprey Funds are seeking to roll out a suite of crypto ETFs covering Bitcoin, Ethereum, XRP, Dogecoin, and others. To streamline approval, they filed an effective prospectus under the 1940 Investment Act.
Unlike the earlier REX-Osprey SOL + Staking ETF, which was structured as a C-corporation, the new products are organized as Registered Investment Companies (RICs), aligning them with U.S. tax and regulatory requirements.
Is This Really a Spot XRP ETF?
Some XRP supporters have hailed the REX-Osprey fund as the first true spot XRP ETF. But the product’s structure tells a different story.
According to the filing:
- At least 80% of assets will be allocated directly to XRP.
- Up to 25% can be invested through a Cayman Islands subsidiary.
- The balance will be allocated to money market funds, XRP futures and swaps, U.S. Treasuries, and even non-U.S. crypto ETFs.
This design makes it more of a hybrid fund than a pure spot ETF.
SEC’s Larger Decision Looms
The uncertainty around REX-Osprey’s timeline comes as the U.S. SEC reviews multiple true spot XRP ETF proposals. Issuers including Franklin, Canary, and Bitwise are awaiting decisions, with the regulator facing an October deadline.
Why This Matters
For investors, the REX-Osprey XRP ETF is an important step toward mainstream crypto investment products, but it is not yet the “holy grail” spot ETF many are waiting for. Until the SEC rules on formal applications, the question of when — and if — a true spot XRP ETF will trade in U.S. markets remains open.
@ Newshounds News™
Source: The Crypto Basic
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G7 Pressured by Trump to Back Tariffs on Russian Oil Buyers
Washington pushes for tariffs on China and India as part of a broader effort to cut Moscow’s war funding.
Tariffs at the Center of U.S. Push
The U.S. is pressing Group of Seven allies to support tariffs of up to 100% on Chinese and Indian imports, directly targeting their large-scale purchases of Russian crude oil.
Treasury Secretary Scott Bessent told G-7 finance ministers that “words must be matched by economic action,” framing the tariffs as “essential to ending the war.”
Markets reacted quickly to the news: Brent crude rose 0.8% on Friday, while the euro fell to a daily low before recovering.
Trump Turns Up the Pressure
President Donald Trump warned his patience with Vladimir Putin is “running out fast.” He vowed further penalties on banks, energy flows, and trade.
- Tariffs on India have already been doubled to 50%.
- Trump told European officials the U.S. would match any tariffs they impose on Beijing or New Delhi.
- EU unity remains uncertain, with Hungary resisting stronger action.
Frozen Assets and Expanded Sanctions
Washington is also proposing the seizure of Russia’s $300 billion in frozen sovereign assets, most of which are held in Europe. Currently, only the profits from those funds are redirected to Kyiv as loans.
Other sanctions under discussion include:
- Targeting Russia’s “shadow fleet” of oil tankers.
- Tightening maritime insurance rules.
- Expanding penalties to Rosneft PJSC and regional banks.
- Blocking AI and fintech services in Russia’s special economic zones.
India and China in Focus
India has become one of Asia’s largest importers of Russian crude since the invasion, while China remains Moscow’s top buyer. Both countries have resisted Western pressure to scale back, sustaining Russia’s revenue stream and undermining sanctions.
Despite the aggressive rhetoric, Trump has so far stopped short of imposing direct sanctions on Russia itself. His deadlines for Putin to enter talks with Ukraine have passed without progress, and the EU is already preparing its 19th sanctions package. Washington’s tariff push could mark a new escalation that risks pulling Asia’s two largest economies into deeper confrontation with the West.
Why This Matters
If G7 allies align with Washington’s tariff proposal, it could dramatically alter global energy markets and test the resilience of India and China’s economic ties with Russia. At stake is not just Moscow’s revenue, but the balance of geopolitical power across Europe and Asia.
@ Newshounds News™
Source: Coindoo
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