Kevin Warsh, the nominee for the Federal Reserve chair, has filed a 69-page financial disclosure, revealing a portfolio that includes investments in over a dozen blockchain and digital asset companies, spanning DeFi lending, decentralized derivatives, and Bitcoin payments infrastructure. The disclosure, which was reviewed by CoinDesk, shows that Warsh holds equity positions in these companies through a web of venture 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 has pledged to divest the majority of these holdings, which could potentially pose a conflict of interest given his future role in overseeing stablecoin regulation, bank crypto custody policy, and any future central bank digital currency decisions. The disclosure also reveals that Warsh earned significant consulting fees from prominent investment firms, including Duquesne Family Office, GoldenTree Asset Management, and Cerberus Capital Management, all of which have significant digital asset trading operations.
Warsh's financial profile, combined with his spouse Jane Lauder's estimated $1.9 billion net worth, would make him 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. The crypto industry is watching the developments closely, as a Fed chair with personal venture exposure to DeFi and blockchain infrastructure may have more nuanced views on the technology, but the mandatory divestiture and recusal obligations could constrain his ability to act on those views.