Kevin Warsh, President Trump’s nominee to chair the Federal Reserve, filed his 69-page monetary disclosure with the U.S. Workplace of Authorities Ethics, clearing the final bureaucratic hurdle earlier than his affirmation listening to, now anticipated subsequent week.
The submitting reveals mixed property along with his spouse of not less than $192 million — but it surely’s the crypto-specific holdings buried deep within the doc that ought to curiosity this business essentially the most.
Warsh, via an internet of enterprise fund constructions, holds fairness positions in additional than a dozen blockchain and digital asset corporations spanning DeFi lending, decentralized derivatives, Layer 1 and Layer 2 networks, prediction markets, and Bitcoin funds infrastructure. And he has pledged to divest the vast majority of them.
The person who will oversee stablecoin regulation, financial institution crypto custody coverage, and any future central financial institution digital forex selections has, till now, been personally invested throughout the crypto ecosystem, although the scale of these holdings was unclear.
The Full Crypto Portfolio
CoinDesk reviewed the whole 69-page OGE Type 278e. Warsh’s crypto and blockchain-related holdings are concentrated in two fund constructions: DCM Investments 10 LLC (via a automobile known as Summary Holdings) and a collection of funds labeled AVF I, AVF II, AVF III, and AVGF I and II. Right here is each identifiable crypto and blockchain place:
DeFi and buying and selling protocols:
- Compound — Algorithmic crypto cash markets, one of many foundational DeFi lending protocols
- dYdX — Decentralized derivatives buying and selling trade
- Lighter — Decentralized trade protocol
- Eulith — Crypto buying and selling platform
Layer 1 and Layer 2 networks:
- Solana — Excessive-performance Layer 1 blockchain
- Optimism — Ethereum scaling Layer 2
- Blast — Yield-generating Ethereum Layer 2
- Zero Gravity — Layer 2 AI blockchain platform
- DeSo — Social crypto community
Bitcoin-specific:
- Flashnet — Lightning Community Bitcoin buying and selling platform
- Lightning Community — Off-chain Bitcoin cost community (a direct holding)
Crypto funding and monetary infrastructure:
- Polychain — Crypto funding agency
- Scalar Capital — Blockchain funding agency
- Polymarket — Prediction market platform
- Lemon Money — Crypto monetary providers platform
- Alpaca — Monetary property API infrastructure
- OnJuno — Crypto-enabled neobank
- OneSafe — DeFi information infrastructure
- Ridian — Crypto portfolio automation
- SkyLink — DeFi portfolio administration
- Caliza — International USD banking platform
- Kinetic — Digital asset trade platform
Web3, NFTs, and crypto-adjacent:
- Crossmint — NFT developer instruments
- CreatorDAO — Creator funding platform
- Pals With Advantages — Web3 neighborhood platform
- Dapper Labs — Shopper digital property (NBA High Shot)
- Tenderly — Ethereum developer platform
- Vana — Incentivized information assortment platform
- Construction (Zaibatsu Heavy Industries) — Blockchain retail buying and selling
- Metatheory — Web3 gaming (held individually as a direct SPV)
As well as, Warsh beforehand invested in Bitwise Asset Administration, the agency behind one of many spot bitcoin ETFs, although that place doesn’t seem on the present disclosure.
What he has to promote — and what meaning
Most of those crypto positions sit inside fund automobiles whose particular person line gadgets are reported with out greenback values, which, beneath OGE guidelines, means every is value lower than $1,000. In different phrases, they’re small enterprise bets, not concentrated positions.
However there are larger pots that nearly actually comprise crypto publicity. Warsh holds over $100 million in Juggernaut Fund LP, whose underlying property are shielded by confidentiality agreements. He additionally holds dozens of positions in THSDFS LLC, some valued at $1–$5 million individually, all equally opaque. Each would require full divestiture.
OGE certifying official Heather Jones flagged these in her evaluation, noting that Warsh will probably be in compliance with the Ethics in Authorities Act as soon as he completes the divestitures. The open query is how that divestiture performs out for illiquid enterprise stakes. Promoting a place in Compound or dYdX token holdings is easy; unwinding LP stakes in Polychain or Bessemer Enterprise Associates funds is just not.
The battle query
Even after promoting, Warsh will face a sophisticated recusal panorama. Federal ethics guidelines usually require a one-year cooling-off interval for issues instantly affecting current monetary pursuits. That might be related because the Fed weighs in on:
- Stablecoin laws: Congress is actively debating stablecoin frameworks that will outline which establishments can concern and custody stablecoins — instantly impacting DeFi protocols and crypto neobanks like these in Warsh’s portfolio.
- Financial institution crypto custody steering: The Fed’s supervisory stance on whether or not banks can custody digital property has been probably the most contested coverage questions in crypto since 2022.
- Tokenized deposits and securities: The Fed has a direct function in approving or discouraging financial institution experimentation with tokenized deposits, an space adjoining to a number of Warsh holdings.
- CBDC analysis: Although political help for a U.S. CBDC has cooled, the Fed’s ongoing analysis intersects with the cost community infrastructure represented by Lightning Community and Solana holdings.
The Greater Image
What’s putting is much less the scale of the crypto bets — most are small — however extra that they exist in any respect. This isn’t a nominee who passively held bitcoin via a brokerage account. Warsh intentionally sought publicity to the precise protocols, networks, and infrastructure corporations that the Fed’s regulatory and financial coverage selections most instantly have an effect on.
His broader monetary profile underscores the purpose. Warsh earned $10.2 million in consulting charges from Duquesne Household Workplace, the funding arm of Stanley Druckenmiller, certainly one of crypto’s most distinguished macro traders. He collected $1.55 million from GoldenTree Asset Administration, $750,000 from Cerberus Capital Administration, and one other $750,000 in honoraria from Brevan Howard — all corporations with vital digital asset buying and selling operations.
His talking price circuit within the first half of 2025 alone totaled over $780,000 from corporations together with TPG, Warburg Pincus, State Road, Eli Lilly, and Centerview Companions.
Mixed with partner Jane Lauder’s estimated $1.9 billion internet value, Warsh could be among the many wealthiest Fed chairs in trendy historical past.
What comes subsequent
Senate Banking Committee chair Tim Scott (R-S.C.) mentioned Tuesday {that a} affirmation listening to will probably be held subsequent week. However Sen. Thom Tillis (R-N.C.) continues to dam any last vote till the Justice Division drops its legal investigation of present Fed Chair Jerome Powell, whose time period expires Could 15.
The crypto holdings will nearly actually come up in questioning. Senators on each side have grown extra centered on monetary conflicts on the Fed, and Warsh’s portfolio provides them particular, named corporations to ask about.
For the crypto business, the Warsh disclosure is a double-edged sign. On one hand, a Fed chair with private enterprise publicity to DeFi and blockchain infrastructure could have extra nuanced views on the know-how than predecessors who had none. However, the necessary divestiture and recusal obligations might constrain his capability to behave on no matter sympathies these investments suggest — not less than within the first yr.
