The Supreme Court on Monday morning signaled that it was likely to strike down a federal law that restricts the president's ability to fire members of the Federal Trade Commission, causing markets to collapse from 87¢ to 17¢ overnight. The 70-cent crash reflects traders pricing in near-certain defeat for the 90-year-old precedent protecting independent agencies. A decision in favor of the Trump administration would significantly increase the president's power over not only the FTC but roughly two dozen other multi-member agencies. The implications extend far beyond the FTC — this ruling could reshape the entire landscape of federal regulatory independence, from the SEC to the Federal Reserve.