Kevin Warsh, the nominee for Federal Reserve chair, has submitted his financial disclosure, revealing a complex web of investments in the crypto space. His portfolio includes stakes in over a dozen blockchain and digital asset companies, spanning DeFi lending, decentralized derivatives, Layer 1 and Layer 2 networks, prediction markets, and Bitcoin payments infrastructure. Warsh has pledged to sell the majority of these holdings to avoid conflicts of interest.
The disclosure document, filed with the US Office of Government Ethics, lists combined assets with his wife of at least $192 million. Warsh's crypto holdings are 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. His investments include DeFi and trading protocols, Layer 1 and Layer 2 networks, Bitcoin-specific startups, and crypto investment and financial infrastructure.
Warsh previously invested in Bitwise Asset Management, the firm behind a spot bitcoin ETF. Most of his crypto positions are small venture bets, but he holds over $100 million in Juggernaut Fund LP, whose underlying assets are shielded by confidentiality agreements. He also holds dozens of positions in THSDFS LLC, some valued at $1–$5 million individually. Warsh will be required to divest these holdings to comply with the Ethics in Government Act.
The divestiture process may be complex, particularly for illiquid venture stakes. Even after selling, 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 weigh in on regulatory and monetary policy decisions affecting the crypto industry.
Warsh's broader financial profile is also notable, with $10.2 million in consulting fees from Duquesne Family Office and significant speaking fees from firms with digital asset trading operations. His combined net worth with his spouse, Jane Lauder, estimated to be over $2 billion, 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.