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JPMorgan supports US cryptocurrency regulation and states that stablecoins similar to bank deposits should not evade banking supervision. (Cointelegraph)

NYMEX August natural gas futures closed at $3.1810 per million British thermal units. NYMEX July gasoline futures closed at $3.0614 per gallon, and NYMEX July heating oil futures closed at $3.3317 per gallon.

Golden Ten Data reported on June 30 that, according to an analysis by The Wall Street Journal, although Federal Reserve Governor Cook became the direct winner in the Supreme Court ruling, the biggest beneficiary may be Walsh, who took office as Federal Reserve Chairman in May. The U.S. Supreme Court ruled to prevent President Trump from removing Cook from office, reaffirming Congress’ provision of tenure protection for Federal Reserve Governors. This means that the President cannot easily replace Federal Reserve Governors for controversial reasons, thereby limiting the possibility of pressuring the Federal Reserve by changing its members, and also institutionally safeguarding Walsh’s ability to lead the Federal Reserve independently. The analysis pointed out that if the President could easily dismiss Federal Reserve Governors and appoint like-minded officials in their place, the independence of the Federal Reserve would be seriously compromised, and Walsh would struggle to manage the institution. Investment manager Mark Spindel stated that allowing the President to remove Governors for far-fetched reasons and to fill the vacancies with “loyalists” would undermine Walsh’s ability to focus on achieving the Federal Reserve’s policy objectives. However, the report noted that this decision does not entirely eliminate the possibility of presidential pressure on the Federal Reserve. The future independence of the Federal Reserve will still depend on how Trump treats his own appointee Walsh, as well as whether the Supreme Court’s 5-to-4 ruling can be upheld in future cases.