Supreme Court ruling could expand Trump’s control over regulators, and crypto might feel the ripple effects

The Supreme Court just handed the executive branch a significant win in its long-running campaign to consolidate power over independent agencies. In a 6-3 decision, the Court issued an emergency stay allowing President Trump’s firing of FTC Commissioner Rebecca Kelly Slaughter to stand while the broader legal battle plays out.

Back in March 2025, Trump fired Slaughter, a commissioner originally reappointed by President Biden, arguing she was misaligned with administration priorities. The problem: the Federal Trade Commission Act requires “for cause” removals, meaning commissioners can only be dismissed for mismanagement, neglect, or misconduct.

Slaughter challenged the firing, and the case rocketed through the courts. On September 22, 2025, the Supreme Court granted an emergency stay, effectively letting the termination hold during litigation. Oral arguments are scheduled for December 8, 2025, with a final ruling expected by summer 2026.

The core legal question is whether the Court should overturn Humphrey’s Executor v. United States, a 1935 precedent that established the removal protections independent agencies rely on to operate free from direct presidential control. Chief Justice Roberts has already tipped his hand, reportedly describing Humphrey’s Executor as a mere “dried husk.”

If the Court rules in Trump’s favor, roughly two dozen independent agencies, including the National Labor Relations Board, the Equal Employment Opportunity Commission, and the Consumer Product Safety Commission, could see their operational independence fundamentally altered. Future presidents would effectively gain the power to dismiss commissioners at will.

The FTC has historically played a meaningful role in consumer protection enforcement that touches digital assets, bringing actions related to digital currencies, particularly around fraud, deceptive marketing, and consumer protection violations in the crypto space. A politically realigned FTC, where commissioners serve at the pleasure of the president rather than on fixed terms with removal protections, could change how aggressively those actions get pursued.

If Humphrey’s Executor falls, the legal reasoning would apply to the removal protections at other agencies too. The SEC’s commissioners currently serve fixed five-year terms. The CFTC’s commissioners operate under similar structures. While neither agency’s removal protections are directly at issue in Trump v. Slaughter, a broad ruling could invite future challenges to those protections as well.

The FTC was established in 1914, and the removal protections being challenged have stood since 1935. The December 8 oral arguments will be worth watching closely, because the outcome could quietly reshape the regulatory playing field for crypto and dozens of other industries for years to come.

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