Trump Crypto News: Polymarket ‘Yes’ Spike on Jerome Powell Firing as Florida Rep. Says ‘It’s Coming Soon’
July 16, 2025 – In a surprising move that stirred the crypto betting market, Florida Congresswoman Anna Paulina Luna’s recent social media post about the potential firing of Federal Reserve Chair Jerome Powell has triggered a notable spike on the Polymarket platform. Despite the substantial legal hurdles surrounding the removal of Powell, bettors have warmed up to the idea — though the likelihood remains a long shot.
Congressional Statement Sparks Market Reaction
Rep. Anna Paulina Luna, a Republican representing Florida’s 13th congressional district, posted on her X (formerly Twitter) account that “Jerome Powell is going to be fired. Firing is imminent.” Her concise statement immediately affected the prediction market on Polymarket, a popular decentralized prediction platform, sending the “Yes” option on Powell’s firing from 4% to an intraday high of 27%.
Luna, who serves on the House Oversight and Accountability Committee and the Natural Resources Committee, and is a member of the House Freedom Caucus and Congressional Second Amendment Caucus, does not sit on the House Financial Services Committee – the committee directly responsible for overseeing the Federal Reserve. She did not provide additional details on why she believes Powell’s dismissal is forthcoming.
Legal Challenges Make Firing Difficult
While Luna’s tweet ignited market buzz, existing law strongly constrains the ability to remove a Federal Reserve Chair. According to the Federal Reserve Act, a governor can only be dismissed for cause — namely, incapacitation, neglect of duty, or malfeasance — and not for disagreements over monetary policy decisions.
A 2019 legal analysis by the Brookings Institution referenced the landmark 1935 Supreme Court case Humphreys’ Executor v. United States, which prevented President Franklin Roosevelt from removing a Federal Trade Commission commissioner arbitrarily. This precedent upholds legal protections against politically motivated removals of independent agency heads like Powell.
Market Reaction Indicates Skepticism
Following the initial surge, Polymarket’s “Yes” side for Powell’s firing has dipped back to around 25%, reflecting the market’s awareness of the serious legal and procedural barriers involved. Meanwhile, Bitcoin (BTC), the largest and most well-known cryptocurrency, has remained relatively flat in response to the news, suggesting traders are cautious about viewing the firing as imminent.
At the time of reporting, key cryptocurrencies have modest positive movements:
- Bitcoin (BTC): $119,150.45 (+2.06%)
- Ethereum (ETH): $3,164.65 (+6.45%)
- XRP: $2.95 (+2.53%)
- Binance Coin (BNB): $695.04 (+2.66%)
Other altcoins also showed minor price increases, indicating a generally stable market despite the headline-grabbing claim.
Background: Trump’s Long-standing Opposition to Powell
Former President Donald Trump has previously expressed strong opposition to Jerome Powell, dating back to his first presidential term. Trump’s critical stance on Powell’s Federal Reserve policies has been well-documented, calling for his removal on various occasions.
Still, as experts note, effectuating such a dismissal would require overcoming significant procedural and legal challenges, beyond mere political posturing.
Disclaimer: Portions of this article were generated with the assistance of AI tools and subsequently reviewed by the editorial team to ensure accuracy and compliance with content standards.
About the Reporter:
Sam Reynolds is a senior correspondent based in Asia for CoinDesk. He contributed to coverage that won the 2023 Gerald Loeb Award for breaking news on FTX’s collapse and has experience reporting on blockchain and semiconductor industries.
For continuing updates on cryptocurrency markets and policy developments, subscribe to the “State of Crypto” newsletter and follow CoinDesk for in-depth coverage.
Tags: Jerome Powell, Federal Reserve, Donald Trump, Polymarket, Cryptocurrency, Bitcoin, Anna Paulina Luna