Incoming Fed Chair's Crypto Holdings Revealed in Financial Disclosure

Kevin Warsh, the nominee for Federal Reserve chair, has submitted his financial disclosure, revealing a complex portfolio with significant crypto exposure. The 69-page document, filed with the US Office of Government Ethics, shows Warsh and his wife have combined assets of at least $192 million. Notably, his investments include stakes in over a dozen blockchain and digital asset companies, spanning DeFi lending, decentralized derivatives, Layer 1 and Layer 2 networks, prediction markets, and Bitcoin payments infrastructure. Warsh has promised to divest most of these holdings. The disclosure highlights his personal investments in the crypto ecosystem, which could impact his oversight of stablecoin regulation, bank crypto custody policy, and central bank digital currency decisions. Warsh's crypto holdings are primarily concentrated in two fund structures: DCM Investments 10 LLC and a series of funds labeled AVF I, AVF II, AVF III, and AVGF I and II. His investments include DeFi and trading protocols, Layer 1 and Layer 2 networks, Bitcoin-specific companies, crypto investment and financial infrastructure, as well as Web3, NFTs, and crypto-adjacent firms. Warsh previously invested in Bitwise Asset Management, the company behind a spot bitcoin ETF. Most of his crypto positions are small venture bets, but he also holds larger, opaque positions in Juggernaut Fund LP and THSDFS LLC, which will require full divestiture. The divestiture process may be complex, particularly for illiquid venture stakes. Even after selling his crypto holdings, Warsh will face a complicated recusal landscape, with federal ethics rules requiring a one-year cooling-off period for matters directly affecting recent financial interests. This could impact the Fed's regulatory and monetary policy decisions. Warsh's broader financial profile shows he earned significant consulting fees from prominent investment firms with digital asset trading operations. His speaking fees from various firms, including TPG and Warburg Pincus, totaled over $780,000 in the first half of 2025. Combined with his wife's estimated $1.9 billion net worth, Warsh would be among the wealthiest Fed chairs in modern history. The Senate Banking Committee is expected to hold a confirmation hearing next week, where Warsh's crypto holdings will likely be a topic of discussion. The crypto industry views Warsh's disclosure as a double-edged signal, as his personal venture exposure to DeFi and blockchain infrastructure may indicate more nuanced views on the technology, but his mandatory divestiture and recusal obligations could constrain his ability to act on these sympathies.