Incoming Fed Chair's Cryptocurrency Investments Revealed

Kevin Warsh, the nominee for Federal Reserve chair, has filed a 69-page financial disclosure form, revealing a vast portfolio with combined assets of at least $192 million. Notably, his investments include several cryptocurrency and blockchain companies, spanning DeFi lending, decentralized derivatives, and Bitcoin payments infrastructure. Warsh has promised to divest most of these holdings. The disclosure form, reviewed by CoinDesk, outlines his crypto and blockchain-related holdings, 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 crypto positions include DeFi and trading protocols, Layer 1 and Layer 2 networks, Bitcoin-specific investments, and crypto investment and financial infrastructure. Warsh previously invested in Bitwise Asset Management, the firm behind a spot bitcoin ETF. Most of these crypto positions are small venture bets, but there are larger investments that will require full divestiture. The sale of these stakes may be complicated due to confidentiality agreements and the illiquid nature of some venture investments. Even after selling, Warsh will face a complex 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 on cryptocurrencies. 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 spouse's estimated $1.9 billion net worth, Warsh would be among the wealthiest Fed chairs in modern history. A confirmation hearing is expected to be held next week, where the crypto holdings will likely be discussed. The crypto industry may view 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 the mandatory divestiture and recusal obligations could limit his ability to act on these sympathies.