Kevin Warsh, President Trump’s nominee to chair the Federal Reserve, filed his 69-page financial disclosure with the US Office of Government Ethics, clearing the final bureaucratic hurdle before his confirmation hearing, which is now expected next week.
The filing reveals combined assets with his wife of at least $192 million — but it’s the crypto-specific holdings buried deep in the document that should interest this industry the most.
Through a network of venture fund structures, Warsh has equity positions in more than a dozen blockchain and digital asset companies spanning DeFi lending, decentralized derivatives, layer 1 and layer 2 networks, prediction markets and Bitcoin payment infrastructure. And he has promised to dispose of the majority of them.
The man who will oversee stablecoin regulation, banks’ crypto depository policies and any future decisions on central bank digital currencies has so far been personally invested across the crypto ecosystem, although the size of those holdings was unclear.
The full crypto portfolio
CoinDesk reviewed the complete 69-page OGE Form 278e. Warsh’s crypto- and blockchain-related holdings are concentrated in two fund structures: DCM Investments 10 LLC (through a vehicle called Abstract Holdings) and a series of funds labeled AVF I, AVF II, AVF III, and AVGF I and II. Here is every identifiable crypto and blockchain position:
DeFi and Trading Protocols:
- Composite — Algorithmic cryptocurrency markets, one of the basic DeFi lending protocols
- dYdX — Decentralized derivatives trading exchange
- Easier — Decentralized exchange protocol
- Eulith — Crypto trading platform
Layer 1 and Layer 2 networks:
- Solana — High performance Layer 1 blockchain
- Optimism — Layer 2 Ethereum Scaling
- Blast — Profit Generating Ethereum Layer 2
- Zero Gravity — Layer 2 AI blockchain platform
- DeSo — Social Crypto Network
Bitcoin specific:
- Flashnet — Lightning Network Bitcoin trading platform
- Lightning Network – Off-chain Bitcoin payment network (a direct holding)
Crypto Investment and Financial Infrastructure:
- Polychain — Crypto investment company
- Scalar Capital — Blockchain investment company
- Polymarket — Prediction market platform
- Lemon Cash — Crypto platform for financial services
- Alpaca — Financial assets API infrastructure
- OnJuno — Crypto-enabled neobank
- OneSafe — DeFi data infrastructure
- Ridian — Crypto portfolio automation
- SkyLink — DeFi portfolio management
- Caliza — Global USD banking platform
- Kinetic — Digital asset exchange platform
Web3, NFTs and crypto-adjacent:
- Crossmint — NFT developer tools
- CreatorDAO — Creator investment platform
- Friends with Benefits — Web3 Community Platform
- Dapper Labs — Consumer Digital Assets (NBA Top Shot)
- Tenderly — Ethereum developer platform
- Vana — Incentivized data collection platform
- Structure (Zaibatsu Heavy Industries) — Blockchain Retail
- Metatheory – Web3 Gaming (held separately as a direct SPV)
In addition, Warsh has previously invested in Bitwise Asset Management, the firm behind one of the spot bitcoin ETFs, although this position is not disclosed in the current disclosure.
What he has to sell – and what that means
Most of these crypto positions sit within fund vehicles whose individual line items are reported without dollar values, which under OGE rules means each one is worth less than $1,000. In other words, they are small venture bets, not concentrated positions.
But there are bigger pots that almost certainly contain crypto exposure. Warsh owns over $100 million in Juggernaut Fund LP, whose underlying assets are protected by confidentiality agreements. He also has dozens of positions in THSDFS LLC, some worth $1-5 million individually, all similarly opaque. Both will require complete divestment.
OGE certifying official Heather Jones flagged these in her review, noting that Warsh will comply with the Ethics in Government Act once he completes the divestment. The open question is how this divestment plays out for illiquid venture shares. Selling a position in Compound or dYdX token holdings is straightforward; liquidating LP shares in Polychain or Bessemer Venture Associates funds is not.
The conflict issue
Even after the sale, Warsh will face a complicated withdrawal landscape. Federal ethics rules generally require a one-year cooling-off period for matters that directly affect recent financial interests. It could be relevant, as the Fed considers:
- Stablecoin Legislation: Congress is actively debating stablecoin frameworks that would define which institutions can issue and hold stablecoins — directly impacting DeFi protocols and crypto-neobanks like those in Warsh’s portfolio.
- Guidance on bank crypto custody: The Fed’s oversight stance on whether banks can hold digital assets has been one of the most contentious policy issues in crypto since 2022.
- Tokenized deposits and securities: The Fed has a direct role in approving or discouraging banking experiments with tokenized deposits, an area adjacent to several Warsh holdings.
- CBDC research: Although political support for a US CBDC has cooled, the Fed’s ongoing research intersects with the payment network infrastructure represented by Lightning Network and Solana’s holdings.
The bigger picture
What is striking is less the size of the crypto bets – most are small – but more that they exist at all. This is not a nominee who passively held bitcoin through a brokerage account. Warsh deliberately sought exposure to the specific protocols, networks and infrastructure companies that the Fed’s regulatory and monetary policy decisions most directly affect.
His broader financial profile underscores the point. Warsh earned $10.2 million in consulting fees from the Duquesne Family Office, the investment arm of Stanley Druckenmiller, one of crypto’s most prominent macro investors. He raised $1.55 million from GoldenTree Asset Management, $750,000 from Cerberus Capital Management and another $750,000 in fees from Brevan Howard — all firms with significant trading in digital assets.
His speaking fee haul in the first half of 2025 alone totaled over $780,000 from firms including TPG, Warburg Pincus, State Street, Eli Lilly and Centerview Partners.
Combined with spouse Jane Lauder’s estimated net worth of $1.9 billion, Warsh would be among the richest Fed chairs in modern history.
What comes next
Senate Banking Committee Chairman Tim Scott (RS.C.) said Tuesday that a confirmation hearing will be held next week. But Sen. Thom Tillis (RN.C.) continues to block any final vote until the Justice Department drops its criminal investigation into current Fed Chairman Jerome Powell, whose term expires on May 15.
The crypto holdings will almost certainly come into question. Senators on both sides have become more focused on financial conflicts at the Fed, and Warsh’s portfolio gives them specific named companies to ask about.
For the crypto industry, the Warsh disclosure is a double-edged signal. On the one hand, a Fed chair with personal risk exposure to DeFi and blockchain infrastructure may have more nuanced views on the technology than predecessors who had none. On the other hand, the mandatory divestment and withdrawal obligations could limit his ability to act on the sympathies these investments entail – at least in the first year.
