Kevin Warsh, the nominee for the Federal Reserve chair, has filed his financial disclosure, revealing a vast portfolio with significant crypto holdings. The 69-page document, filed with the U.S.
Office of Government Ethics, discloses combined assets with his wife of at least $192 million, including stakes in over a dozen blockchain and digital asset companies. Warsh's crypto-specific 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 span DeFi lending, decentralized derivatives, Layer 1 and Layer 2 networks, prediction markets, and Bitcoin payments infrastructure. However, Warsh has pledged to divest the majority of these holdings.
The disclosure has raised questions about potential conflicts of interest, given Warsh's future role in overseeing stablecoin regulation, bank crypto custody policy, and central bank digital currency decisions. The crypto industry is watching closely, as Warsh's personal venture exposure to DeFi and blockchain infrastructure may influence his views on the technology, but mandatory divestiture and recusal obligations could limit his ability to act on these sympathies.