Kevin Warsh, President Trump’s nominee to succeed Jerome Powell as Fed Chair, filed a comprehensive financial disclosure revealing equity stakes — held through DCM Investments, Abstract Holdings, and multiple AVF/AVG funds — in more than two dozen blockchain and digital-asset entities. Positions span DeFi protocols (Compound, dYdX, Lighter), Ethereum scaling (Optimism, Blast), high-performance L1s (Solana), Bitcoin infrastructure (Flashnet, Lightning Network), prediction markets (Polymarket), and Web3 infrastructure (Crossmint, Tenderly). Most line-item values fall below the $1,000 OGE reporting threshold; larger opaque vehicles (Juggernaut Fund LP >$100M and THSDFS LLC) almost certainly contain additional crypto exposure but remain undisclosed.
Warsh has committed to divest the majority of these holdings to comply with the Ethics in Government Act. OGE has already certified that full divestiture will resolve conflicts. However, the one-year post-divestiture recusal window will bar him from direct involvement in matters materially affecting any divested asset. This directly touches four live Fed/crypto policy fronts: stablecoin legislation (custody and issuance rules), bank digital-asset custody guidance, tokenized deposit/securities pilots, and residual CBDC research.
The timing is acute. Confirmation hearings are scheduled for next week. Sen. Thom Tillis (R-NC) continues to block a final floor vote until the DOJ drops its unrelated criminal probe into Powell, whose term ends May 15. Warsh’s broader profile — $10.2M in consulting from Stanley Druckenmiller’s Duquesne Family Office plus fees from GoldenTree, Cerberus, and Brevan Howard — reinforces a macro investor mindset sympathetic to digital assets. Combined household net worth exceeds $2B. The disclosure is therefore not about headline size but about demonstrated intellectual and capital commitment to the precise infrastructure the Fed will supervise.
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