The Supreme Court’s decision on Friday sharply curtailed the executive branch’s authority to deploy tariffs under the International Emergency Economic Powers Act (IEEPA). In a 6-3 ruling, the justices concluded that the President lacks inherent power to impose broad tariffs under peacetime conditions, signaling a significant check on executive power in U.S. trade policy. The majority’s view was clear: IEEPA does not authorize tariffs at the scale seen in recent years, and the presidential interpretation of the statute extended beyond its legitimate reach. The ruling hinges on historical precedent and the breadth of authority claimed by the administration, suggesting a reevaluation of the tariff policy framework used during peacetime emergencies. The decision was issued on Friday, February 20, 2026, with the court emphasizing the statute’s limited scope.

“In IEEPA’s half-century of existence, no president has invoked the statute to impose any tariffs, let alone tariffs of this magnitude and scope. That ‘lack of historical precedent,’ coupled with the breadth of authority that the President now claims, suggests that the tariffs extend beyond the President’s ‘legitimate reach.’”

At issue was whether tariffs imposed as a means of addressing perceived national emergencies could be sustained under IEEPA. The court’s opinion rejected that premise, noting that the administration had not demonstrated a statutory basis strong enough to justify the breadth and scale of the measures in question. The decision, while narrow in its focus on statutory interpretation, carries broad implications for how future administrations might leverage tariff tools in times of perceived distress. The ruling’s central thrust is that IEEPA does not authorize sweeping tariff regimes, and the absence of a sustained, historically grounded precedent undermines the President’s justification for such measures.

Trump criticizes court, says he’ll get tariffs reinstated

Following the ruling, former President Donald Trump blasted the justices who voted to strike down the tariffs and signaled that the policy would persist through alternative channels. A report noted that he pledged to pursue reinstatement via other avenues, raising questions about what policy instruments could replace tariffs as a means to influence trade dynamics. The courtroom decision, contrasted with Trump’s rhetoric, underscores a broader political debate over how the United States should calibrate its use of trade tools in pursuit of fiscal and industrial goals.

Trump asserted that tariffs were a lever to address perceived imbalances with Canada, China, and Mexico, and he framed the decision as a setback for U.S. economic strategy. Critics argued that tariff policy risks provoking retaliatory actions, disrupting supply chains, and injecting volatility into already fragile macro conditions. The clash between judicial limits and executive ambitions has intensified scrutiny over the federal policy toolkit available to safeguard domestic industries while maintaining competitive leverage on the global stage.

Historically, the tariff discourse has had tangible spillovers across asset markets. In 2025, for example, the prospect or announcement of new tariffs sent shockwaves through equities and cryptocurrencies alike, amplifying uncertainty at a moment when investors were already grappling with a shifting macro backdrop. The prevailing narrative suggested that aggressive tariff posturing tended to compress risk sentiment and tilt asset pricing toward risk-off dynamics, a trend that reverberated across multiple sectors of the market.

As policy discourse continues, observers will watch for how the administration retools its approach. The White House has indicated it may pursue alternate mechanisms to achieve similar objectives, but the legal and economic costs of doing so remain a focal point for lawmakers, market participants, and international partners alike.

Trump claims tariffs could replace income tax, but crypto markets are paying the price

Earlier in the campaign cycle, Trump floated a controversial idea that tariff revenue could be used to replace federal income taxes, a proposition he described as potentially lowering the budget deficit. He argued that tariffs would substantially reduce taxes for many households, a claim that fed into a broader debate about the role of tariffs in fiscal policy. The implications for tax structures, consumer prices, and corporate planning were hotly contested among economists and policymakers, but the idea underscored how tariff revenue could be framed as a substitute for conventional taxation in certain scenarios.

Public disclosures and posts on social platforms reflected a broader narrative that tariff policy could be a transformative fiscal tool. While supporters argued that tariffs might boost domestic production and protect strategic industries, skeptics warned of distortions, higher consumer costs, and diminished global competitiveness. The policy rhetoric matched a volatile market environment where crypto assets, equities, and risk assets had shown sensitivity to tariff-related headlines and policy signals.

In practical terms, the tariff episode left crypto markets exposed to policy-driven risk. When tariffs targeted China in 2025, investors watched liquidity and volatility as leading indicators of how risk assets would respond. In that episode, Bitcoin (BTC) traded with noticeable swings, reflecting the broader interplay between regulatory expectations and appetite for alternative stores of value during periods of uncertainty. The price action mirrored the tension between policy risk, macro fundamentals, and the evolving sentiment around decentralized finance as a potential hedge against traditional financial channels.

Market commentators pointed to a combination of leverage, liquidity constraints, and sentiment factors as drivers of the crypto drawdown observed during tariff episodes. A notable pattern emerged: traders frequently viewed tariff announcements as catalysts for broader risk-off moves, reinforcing the idea that policy shocks can function as macro triggers for price movements across digital assets. In the wake of the latest ruling, traders and investors are parsing how policy space will evolve and what that means for risk parity, hedging strategies, and the resilience of crypto markets to regulatory shocks.

Market context

Market context: The ruling arrives amid a broader phase of regulatory scrutiny and ongoing debate about the role of tariffs in U.S. economic policy, which continues to ripple through crypto markets and risk assets as investors reassess policy risk and liquidity conditions.

Why it matters

The Supreme Court’s decision narrows the executive branch’s tariff toolkit, potentially altering the trajectory of U.S. trade policy in an era of rapid technological change and global supply-chain disruption. For investors, the ruling clarifies what authorities the administration can credibly rely on to shape market dynamics, reducing the likelihood of ad hoc tariff shocks that could surprise markets. For crypto market participants, the episode underscores the sensitivity of digital assets to macro policy developments and the need for resilience in volatile environments. Firms building in this space must consider how shifting tariff and regulatory landscapes could affect cross-border operations, energy pricing, and financial infrastructure decisions. Finally, the ruling adds to the ongoing discourse about the balance between national policy interventions and market-based mechanisms, a debate that will continue to influence capital flows and innovation in the crypto ecosystem.

In the near term, traders will be watching how the administration navigates alternatives to tariffs and whether Congress steps in to provide clearer statutory guardrails. The decision may also spur renewed attention on how the U.S. coordinates with its trading partners to establish a more predictable policy environment, an outcome that could stabilize investor expectations and reduce speculative volatility in volatile assets like cryptocurrencies.

What to watch next

• Clarification on any alternative measures the executive branch may pursue to influence trade, including potential regulatory or administrative actions.
• Legislative responses or bipartisan discussions that could shape the future use of tariffs or trade tools.
• Crypto market reactions to future tariff-related headlines and potential policy shifts, with attention to liquidity and volatility metrics.
• Ongoing court considerations or challenges related to the scope of executive powers in economic policy.
• Further official statements or documentation detailing the scope and limits of IEEPA in modern policy applications.

Sources & verification

• Official Supreme Court ruling: The ruling PDF provides the Court’s reasoning and the formal holding on IEEPA’s authority (https://www.supremecourt.gov/opinions/25pdf/24-1287_4gcj.pdf).
• Politico coverage of Trump’s reaction to the ruling (https://www.politico.com/news/2026/02/20/donald-trump-tariff-supreme-court-reaction-00791245?utm_medium=twitter&utm_source=dlvr.it).
• Cointelegraph reporting on tariff-related market dynamics and related policy debates (https://cointelegraph.com/news/trump-liberation-day-tariffs-markets-recession).
• Truth Social posts by Donald Trump referenced in coverage (https://truthsocial.com/@realDonaldTrump/posts/114410073592204291 and https://truthsocial.com/@realDonaldTrump/posts/115351840469973590).
• Market analysis linking tariff news to crypto sentiment (https://cointelegraph.com/news/crypto-traders-us-donald-trump-tariffs-market-decline-santiment).

Key details and implications for markets

Introduction to the core finding: The Supreme Court has curtailed the scope of presidential tariff powers under IEEPA, reinforcing a constitutional check on executive actions in times of economic strain. The ruling, while focused on statutory interpretation, triggers a broader recalibration of policy risk and how market participants price macro surprises. In the immediate aftermath, the president’s reception of the decision and his stated intention to pursue tariffs through other channels raised questions about the timing and nature of any forthcoming policy shifts. Investors will be watching for any formal policy proposals or regulatory steps that could reintroduce tariff pressures, particularly around cross-border trade with major partners.

What to watch next

• Dates for any anticipated policy proposals or regulatory actions outlining alternative tariff mechanisms.
• Potential shifts in congressional discussions that could frame future tariff authority or trade policy instruments.
• Monitoring of crypto market liquidity and volatility around new tariff-related announcements or debates.

Endnotes

Note: The coverage reflects developments reported across multiple outlets, including legal filings, political reporting, and market analysis linked above. The information should be verified against primary documents and official releases as policy positions evolve.

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Bitcoin BTC$67,714.57 brushed aside a volatile round of U.S. tariff headlines on Friday, inching toward $68,000 and altcoins modestly bouncing.

The day began with the U.S. Supreme Court ruling President Donald Trump’s global tariff rollout illegal. The decision did not clarify what should happen to tariff revenue already collected, and it doesn’t necessarily spell the end of Trump’s trade agenda, with multiple legal and executive avenues still available.

By the afternoon, President Trump announced an additional 10% global tariff to be rolled out under Section 122 for roughly five months, effective in three days.

The fresh levy, imposed on top of existing tariffs, barely dented sentiment.

Risk assets, including crypto, pushed modestly higher through the session. The broad-market CoinDesk 20 Index gained 2.5% over the past 24 hours, with BNB, DOGE$0.1005, ADA$0.2836 and Solana (SOL) outperforming with 3%-4% advances. Bitcoin was recently trading just below $68,000.

Meanwhile, the S&P 500 and Nasdaq 100 climbed 0.9% and 0.7%, respectively. Among crypto-linked stocks, exchange Coinbase (COIN), stablecoin issuer Circle (CRCL) and bitcoin treasury firm Strategy (MSTR) rose more than 2%. Bitcoin miners tied to AI infrastructure buildouts underperformed, with Riot Platforms (RIOT), Cipher Mining (CIFR), IREN and TeraWulf (WULF) falling 3%-6%.

Cryptos to stay rangebound

“We have seen a small rally for risk assets post-tariffs news as it leads into a narrative that tariffs are damaging for the macro environment,” said Paul Howard, director at trading firm Wincent.

Still, conviction remains light that prices could break out to the upside from the current tight range. “Volumes, however, remain muted and we can expect crypto to maintain range bound trading for the time being” barring any “macro or geopolitical shocks coming,” Howard added.

A key potential macro risk could be Trump ordering strikes against Iran over the next few days, following the significant military buildup in the region for weeks now.

Crypto markets traded slightly higher on Friday, Feb. 20, as traders reacted to the U.S. Supreme Court ruling that struck down President Donald Trump’s emergency tariffs.

Bitcoin (BTC) is trading at $67,728, up 1.2% over the past 24 hours, while Ethereum (ETH) is at $1,970, up 1.5%. Other large-cap tokens were also mostly higher, with XRP up 1.5% to $1.43, BNB rising 3.2% to $625, and Solana (SOL) gaining 4% to $85.

Meanwhile, the total cryptocurrency market capitalization is hovering near $2.4 trillion, up 1.3% on the day. Daily trading volume stood at around $114.5 billion, according to CoinGecko.

Among top gainers, Morpho (MORPHO) climbed 11%, Ethereum Classic (ETC) rose 5.3%, and Official Trump (TRUMP) added about 5%. On the downside, Aave (AAVE) fell roughly 4.6%, Pi Network (PI) dropped about 3%, and Rain (RAIN) slipped around 2%.

Liquidations and ETF Flows

About $180 million in leveraged crypto positions were liquidated in the past 24 hours, according to CoinGlass. Long liquidations accounted for roughly $71.9 million, while shorts made up about $108 million.

Bitcoin led liquidations with $67.9 million, followed by Ethereum at around $38.3 million. More than 78,600 traders were liquidated during the period.

In the ETF space, Bitcoin spot ETFs recorded $165.76 million in outflows, while Ethereum spot ETFs experienced $130 million in outflows. In contrast, XRP spot ETFs recorded around $4 million in inflows, while Solana spot ETFs posted $5.94 million in inflows, per SoSoValue data.

Supreme Court Strikes Down Tariffs

The market uptick came amid intensifying macroeconomic uncertainty after President Donald Trump announced plans to impose a 10% global tariff. Trump’s announcement immediately followed a Supreme Court ruling that deemed his emergency tariffs illegal.

Notably, President Trump’s new tariffs could only take effect for up to 150 days unless Congress approves an extension, CNN reported.

Investors also reacted to increased geopolitical tensions after Trump said he is considering a limited military strike on Iran if nuclear negotiations do not progress soon.

In traditional markets, safe-haven assets have continued to hold steady. Gold traded at $5,092, up 1.46%, while silver climbed 6% to $84.

Meanwhile, Paul Howard, Senior Director, Wincent, said in comments shared with The Defiant that there has been a “mix of developments” over the past two days impacting price action independently of larger macro trends.

“These include speculation around the U.S. stablecoin bill, the launch of a SUI ETF on Nasdaq, and several DATs marking down their books,” Howard said. “Given the noticeable thinning of liquidity over the past month, volatility risk is currently elevated relative to levels observed over the past 12 months.”

Large Bitcoin (BTC) holders have steadily increased their holdings in recent months, with the total balance climbing back to levels last seen before the October 10, 2025, market crash.

At the same time, crypto exchange data shows whale-related outflows averaging 3.5% of exchange-held BTC over a 30-day rolling period, the highest since late 2024.

BTC whale reserves return to pre-October peak

Bitcoin wallets or “whales”, holding between 1,000 and 10,000 BTC, have rebuilt reserves over the past three months. The cohorts increased their total balance to 3.09 million, from 2.86 million BTC on Dec. 10, 2025, a 230,000 BTC addition that restores their balance to pre-October 2025 levels.

Crypto analyst ‘Caueconomy’ said the full drawdown in whale reserves has been reversed over the past 30 days with the accumulation of 98,000 BTC. The broader distribution phase began in August 2025 (after BTC hit $124,000), after which Bitcoin struggled to sustain a rally significantly higher.

BTC spot market data supports the recovery. Throughout 2026, the average BTC order size has ranged between 950 BTC and 1,100 BTC, the most consistent stretch of large-ticket activity since September 2024.

Similar clusters appeared during the February–March 2025 correction. During that phase, retail orders accounted for the majority of activity, while large blocks appeared more intermittently and in smaller clusters.

Related: ‘Resilient’ Bitcoin holders defend BTC, but bear floor sits 20% lower: Glassnode

BTC exchange flows spike to 14-month highs

CryptoQuant analyst Maartunn reported $8.24 billion in whale BTC exchange flows moved into Binance over the past 30 days, marking a 14-month high. Retail flows reached $11.91 billion and have flattened over the same period. The retail-to-whale ratio now sits at 1.45, and it continues to drop as the larger-size deposits increase.

Parallel to these inflows, Glassnode data shows gross exchange whale withdrawals averaging 3.5% of total exchange-held BTC supply over a 30-day period, the strongest pace since November 2024.

Based on current exchange balances, that translates to roughly 60,000–100,000 BTC in withdrawals over the past month. 

While gross inflows into exchanges have also increased, the elevated withdrawal ratio suggests that much of that incoming BTC is being offset by strong outbound transfers, leaving net exchange balances relatively stable.

Related: Quantum fears aren’t behind Bitcoin’s 46% drop, says developer