President Trump’s nominee for Federal Reserve chair, Kevin Warsh, has cleared a crucial step with his submission of a 69-page financial disclosure to the U.S. Office of Government Ethics, paving the way for his confirmation hearing next week.
This document reveals that Warsh and his wife collectively hold assets worth at least $192 million. However, it’s his involvement in cryptocurrency, detailed within the filing, that has garnered significant attention from the industry.
Warsh has equity stakes in over a dozen blockchain and digital asset firms through various venture fund structures, covering sectors like DeFi lending, decentralized derivatives, Layer 1 and Layer 2 networks, prediction markets, and Bitcoin payment infrastructure. He plans to divest most of these holdings soon.
As the prospective overseer of stablecoin regulation, bank crypto custody policies, and potential central bank digital currency initiatives, Warsh’s prior personal investments across the crypto sector have been disclosed, although their exact values remain unspecified.
CoinDesk examined Warsh’s complete OGE Form 278e. His blockchain-related interests are primarily in two fund structures: DCM Investments 10 LLC (via Abstract Holdings) and a series of AVF I, II, III, AVGF I, and II funds. These include investments across various crypto sectors:
– DeFi and trading protocols
– Layer 1 and Layer 2 networks
– Crypto investment and financial infrastructure
– Web3, NFTs, and related technologies
Additionally, Warsh had a previous stake in Bitwise Asset Management, known for one of the spot Bitcoin ETFs, though this is not listed in the current filing.
Most crypto investments are through fund vehicles with undisclosed values under $1,000. However, larger stakes exist in Juggernaut Fund LP and THSDFS LLC, valued at over $100 million and multiple positions worth between $1-$5 million, respectively. These will also be divested as required by Heather Jones of the OGE.
Warsh’s financial engagements extend beyond crypto, earning millions from prominent asset management firms like Duquesne Family Office, GoldenTree Asset Management, Cerberus Capital Management, and Brevan Howard, all with significant digital asset interests. His speaking fees in early 2025 alone exceeded $780,000 from major companies.
Together with his spouse Jane Lauder’s estimated net worth of $1.9 billion, Warsh could become one of the wealthiest Fed chairs in recent history.
Senate Banking Committee chair Tim Scott (R-S.C.) has scheduled a confirmation hearing next week. However, Sen. Thom Tillis (R-N.C.) is delaying the final vote until the Justice Department concludes its investigation into current Fed Chair Jerome Powell, whose term ends on May 15.
Warsh’s crypto investments are likely to be a focal point during the hearings. Senators have shown increased interest in financial conflicts within the Fed, and Warsh’s disclosed holdings provide specific companies for discussion. For the crypto industry, his nomination signals potential nuanced understanding of blockchain technology, though mandatory divestitures and recusals might limit any immediate action based on these investments.