Kevin Warsh, the nominee for Federal Reserve chair, has submitted his financial disclosure, revealing a complex web of investments, including stakes in more than a dozen blockchain and digital asset companies. The filing, which totals 69 pages, shows that Warsh, through various venture fund structures, 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 the majority of these holdings. The disclosure has sparked interest in the crypto industry, given Warsh's future role in overseeing stablecoin regulation, bank crypto custody policy, and potential central bank digital currency decisions.
Warsh's crypto and blockchain-related 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 companies, crypto investment and financial infrastructure, as well as Web3, NFTs, and crypto-adjacent companies.
The majority of these positions are reported without dollar values, indicating they are worth less than $1,000. However, Warsh also holds larger stakes 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 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.