Kevin Warsh, the nominee to chair the Federal Reserve, has filed his financial disclosure, revealing a vast portfolio with combined assets of at least $192 million. Notably, his investments include a range of crypto-specific holdings, such as DeFi lending protocols, decentralized derivatives, Layer 1 and Layer 2 networks, prediction markets, and Bitcoin payments infrastructure.
Warsh has pledged to divest the majority of these holdings, which are concentrated in two fund structures: DCM Investments 10 LLC and a series of funds labeled AVF. His crypto holdings are relatively small, with most valued at less than $1,000, but he also holds larger, opaque positions in funds like Juggernaut Fund LP and THSDFS LLC, which will require full divestiture.
The mandatory sale of these assets raises questions about potential conflicts of interest, particularly given the Fed's role in regulating stablecoins, bank crypto custody policy, and central bank digital currency decisions. Warsh's financial profile also shows significant earnings from consulting fees and speaking engagements with prominent investment firms, highlighting the complexities of his financial situation. As the Senate Banking Committee prepares for his confirmation hearing, Warsh's crypto holdings are likely to be a topic of discussion, with potential implications for the crypto industry and the Fed's regulatory approach.