Kevin Warsh, the nominee to lead the Federal Reserve, has submitted his financial disclosure, revealing a complex portfolio with significant crypto holdings. The 69-page document, filed with the US Office of Government Ethics, outlines combined assets with his wife valued at over $192 million.
Notably, Warsh's investments include equity positions in more than a dozen blockchain and digital asset companies, spanning DeFi lending, decentralized derivatives, and Bitcoin payments infrastructure. He has committed to divesting the majority of these holdings.
The disclosure highlights Warsh's personal investment in the crypto ecosystem, including Layer 1 and Layer 2 networks, prediction markets, and Bitcoin-specific companies. His portfolio also includes investments in crypto investment and financial infrastructure, as well as Web3, NFTs, and crypto-adjacent companies. 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.
The majority of these positions are valued at less than $1,000, indicating they are small venture bets rather than concentrated positions. However, Warsh also holds larger, more opaque positions in funds such as Juggernaut Fund LP and THSDFS LLC, which will require full divestiture. The mandatory divestiture and recusal obligations may constrain Warsh's ability to act on his sympathies towards the crypto industry, at least in the first year.
The disclosure has significant implications for the crypto industry, as Warsh's personal venture exposure to DeFi and blockchain infrastructure may influence his views on the technology. 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.