Key Highlights
- Trump’s Federal Reserve chair candidate Kevin Warsh revealed more than 30 cryptocurrency and blockchain investments in a 69-page federal disclosure document
- His portfolio encompasses DeFi protocols, Layer 1 and Layer 2 blockchain networks, Bitcoin payment systems, and Web3 technologies
- Total assets held jointly with his wife reach a minimum of $192 million, with individual crypto holdings listed below $1,000 thresholds per ethics regulations
- The nominee committed to selling the majority of digital asset investments prior to assuming office
- Senate Banking Committee scheduled his confirmation hearing for April 21
Kevin Warsh, selected by President Trump to chair the Federal Reserve, has revealed an extensive cryptocurrency investment portfolio through official documentation submitted to the US Office of Government Ethics.
The comprehensive 69-page document shows Warsh maintains equity stakes in over 30 companies operating in blockchain technology and digital assets. His investments cover DeFi lending platforms, decentralized trading venues, Layer 1 and Layer 2 blockchain protocols, Bitcoin payment systems, and Web3 applications.
Jointly with his wife Jane Lauder, Warsh controls assets valued at a minimum of $192 million. The crypto-related positions appear in the filing without specific dollar amounts, indicating under ethics office guidelines that each stake falls below the $1,000 reporting threshold.
The digital asset investments flow through two primary fund vehicles: DCM Investments 10 LLC and multiple funds designated as AVF I, AVF II, AVF III, along with AVGF I and II.
The disclosed positions feature Compound, a lending protocol in decentralized finance, and dYdX, a platform for decentralized derivatives trading. Additional holdings include Solana, Optimism, and Blast—all blockchain networks operating as Layer 1 or Layer 2 solutions.
Warsh’s Bitcoin-related investments encompass Flashnet, a Lightning Network trading platform, along with a direct position in the Lightning Network protocol.
Ethics Requirements Mandate Asset Sales
The nominee committed to liquidating most digital asset positions. Federal ethics authorities confirmed compliance will be achieved following completion of these transactions.
Liquidating certain holdings presents operational challenges. Extracting LP stakes from vehicles like Polychain or Bessemer Venture Associates requires more complex procedures than disposing of publicly traded securities.
Warsh maintains over $100 million in the Juggernaut Fund, which holds assets subject to confidentiality restrictions. Complete divestiture of this fund position is mandatory.
Following any sales, federal ethics protocols impose a one-year recusal period for matters directly impacting former financial interests.
Potential Conflicts May Restrict Fed Authority
The Fed chair position carries direct authority over stablecoin regulatory frameworks, banking crypto custody guidelines, and potential central bank digital currency initiatives.
Multiple entities within Warsh’s investment portfolio operate in sectors under active Federal Reserve examination. These sectors include DeFi protocols, cryptocurrency-focused neobanks, and payment network infrastructure.
Warsh received $10.2 million in advisory compensation from Duquesne Family Office, the investment vehicle managed by Stanley Druckenmiller, a well-known macro investor with cryptocurrency market exposure.
Senator Thom Tillis currently prevents a final Senate confirmation vote pending the Justice Department’s withdrawal of its criminal probe into sitting Fed Chair Jerome Powell.
Powell’s tenure concludes May 15. The Senate Banking Committee set Warsh’s confirmation proceedings for April 21.
