Kevin Warsh, the nominee to lead the Federal Reserve, has filed a 69-page financial disclosure, unveiling a portfolio with significant exposure to the crypto and blockchain sector. The filing, which has been reviewed, reveals that Warsh holds stakes in over a dozen companies operating in the crypto space, including DeFi lending protocols, Ethereum scaling networks, and Bitcoin payment infrastructure.
These investments are held through a complex web of venture fund structures. Warsh has committed to divesting the majority of these holdings, which could have implications for his future decision-making as Fed chair. The disclosure provides insight into Warsh's financial interests, with combined assets totaling at least $192 million.
His investments in the crypto sector are notable, given his potential role in overseeing stablecoin regulation, crypto custody policies, and central bank digital currency decisions. The specific details of Warsh's crypto portfolio are as follows: he holds positions in DeFi protocols, Layer 1 and Layer 2 networks, Bitcoin-specific companies, crypto investment and financial infrastructure, as well as Web3 and NFT-related ventures. Additionally, Warsh has previously invested in Bitwise Asset Management, the firm behind a spot bitcoin ETF.
The majority of these positions are valued at less than $1,000, indicating they are relatively small venture bets. However, Warsh also holds larger stakes in funds with crypto exposure, including over $100 million in the Juggernaut Fund LP.
These holdings will require full divestiture, raising questions about how Warsh will navigate potential conflicts of interest. The divestiture process may be complex, particularly for illiquid venture stakes.
Even after selling these 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 his ability to participate in key decisions related to the crypto sector. Warsh's broader financial profile is also noteworthy, with significant income earned from consulting fees and speaking engagements with prominent investment firms. His total speaking fees for the first half of 2025 exceeded $780,000, and his combined net worth with his spouse, Jane Lauder, is estimated to be among the highest for a Fed chair in modern history.
The Senate Banking Committee is expected to hold a confirmation hearing for Warsh next week, where his crypto holdings are likely to be a topic of discussion. The crypto industry will be watching closely, as Warsh's personal experience with DeFi and blockchain infrastructure could bring a nuanced perspective to the Fed, but his mandatory divestiture and recusal obligations may limit his ability to act on these interests.