On January 7, the U.S. Supreme Court postponed a ruling in a lawsuit challenging President Donald Trump’s global tariffs
The new date for the next ruling is set for January 14.
When Trump announced sweeping “reciprocal” tariffs on countries around the world on April 2, 2025 (a day he calls “Liberation Day”), he invoked the International Emergency Economic Powers Act (IEEPA).
The administration argued that the trade deficit constituted a national emergency and that the president did not need to negotiate with Congress to impose global tariffs.
Several companies affected by the decision, as well as 12 U.S. states, mostly run by Democrats, subsequently challenged Trump’s tariffs in the Supreme Court.
Related: Cryptocurrency Markets Trouble as Supreme Court Hears on Trump Tariffs
If the court rules that the president was wrong to invoke emergency powers, the Trump administration would have to compensate importers who already paid the tariffs. According to Reuters, reimbursements are expected to exceed $133.5 billion.
But if a court decides to grant the president limited powers under IEEPA, the government may only receive limited repayments.
The court’s decision has far-reaching consequences not only for the global economy but also for the cryptocurrency market.
Digital asset markets have become increasingly interconnected with Wall Street over the last year, and Trump’s tariff announcements frequently rattled markets in 2025.
In fact, on October 10 last year, Trump’s threat to impose additional tariffs on China triggered a cryptocurrency flash crash, with more than $19 billion lost in one day.
Secretive cryptocurrency traders often place market orders ahead of key policy announcements and net millions of dollars.
As previously reported, one trader made millions by shorting cryptocurrencies ahead of Trump’s China policy announcement on October 10.
Recently, a cryptocurrency trader on Polymarket made over $400,000 by betting on the ouster of Venezuelan President Nicolás Maduro.
Notably, the trader had created his Polymarket account just a day earlier, sparking speculation of insider trading.
As reports of the Supreme Court’s expected January 9 ruling flooded the market, crypto whales placed orders again.
According to data from onchain analytics platform Onchain Lens, a crypto whale deposited $8.09 million worth of USDC into popular decentralized cryptocurrency trading exchange HyperLiquid.
The trader then placed an order to buy Solana (SOL) worth approximately $8 million.
According to Hyperbot, the crypto whale’s unrealized profits exceed $2,000.
Bitunix analysts said street roundtable “Whatever the outcome, this is not a single policy event but a major test of policy predictability itself,” they said in an emailed comment.
“Cryptocurrency markets are highly sensitive to such macro variables.”
They said the tariff ruling would have a direct impact on inflation expectations, the U.S. dollar and global risk appetite, and could amplify volatility for Bitcoin and other major cryptocurrencies.
RELATED: Mystery trader makes $400K profit on Maduro’s ouster, sparking swift action
This article was originally published by TheStreet on January 9, 2026 and first appeared in the Markets section. Click here to add TheStreet as your preferred source.