Kevin Warsh, the nominee for Federal Reserve chair, has filed a 69-page financial disclosure that reveals a complex web of investments, including stakes in over a dozen blockchain and digital asset companies. The disclosure, which is required by the US Office of Government Ethics, shows that Warsh holds equity positions in companies involved in 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, but the size of the investments and the potential for conflicts of interest have raised eyebrows. The investments are held through a series of fund structures, including DCM Investments 10 LLC and a series of funds labeled AVF I, AVF II, AVF III, and AVGF I and II.
Warsh's crypto and blockchain-related holdings include investments in DeFi and trading protocols, Layer 1 and Layer 2 networks, Bitcoin-specific companies, and crypto investment and financial infrastructure. He has also invested in Web3, NFTs, and crypto-adjacent companies. The disclosure has sparked interest and concern, with some questioning how Warsh's investments will impact his ability to regulate the crypto industry. Warsh's financial profile is complex, with earnings of $10.2 million in consulting fees from Duquesne Family Office and significant speaking fees from firms including TPG, Warburg Pincus, and State Street.
His spouse, Jane Lauder, has an estimated net worth of $1.9 billion, making Warsh one of 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 are likely to be a topic of discussion.