Kevin Warsh, President Trump’s nominee to chair the Federal Reserve, filed his 69-page financial disclosure statement with the U.S. Office of Government Ethics, clearing the final bureaucratic hurdle before his confirmation hearing, now expected next week.
The filing reveals combined assets with his wife of at least $192 million, but it’s the specific crypto holdings buried deep in the document that should interest this industry the most.
Warsh, through a network of venture fund structures, maintains 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 payments infrastructure. And it has vowed to get rid of most of them.
The man who will oversee stablecoin regulation, banks’ cryptocurrency custody policy and any future decisions on central bank digital currencies has, so far, personally invested in the entire cryptocurrency ecosystem, although the size of those holdings was unclear.
The Complete Crypto Wallet
CoinDesk reviewed the entire 69-page OGE Form 278e. Warsh’s cryptocurrency 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 called AVF I, AVF II, AVF III and AVGF I and II. Here are all the identifiable crypto and blockchain positions:
DeFi and trading protocols:
- Composite: Algorithmic Crypto Money Markets, One of the Fundamental DeFi Lending Protocols
- dYdX – Decentralized Derivatives Trading Exchange
- Lighter: Decentralized Exchange Protocol
- Eulith – Cryptocurrency Trading Platform
Layer 1 and Layer 2 Networks:
- Solana – High Performance Layer 1 Blockchain
- Optimism: Ethereum scaling Layer 2
- Explosion: Yield-Generating Ethereum Layer 2
- Zero Gravity: Layer 2 AI blockchain platform
- DeSo – Crypto Social Network
Bitcoin Specific:
- Flashnet – Bitcoin Lightning Network Trading Platform
- Lightning Network: Off-chain Bitcoin payments network (a direct stake)
Crypto Investment and Financial Infrastructure:
- Polychain: cryptocurrency investment company
- Scalar Capital – Blockchain Investment Company
- Polymarket: prediction market platform
- Lemon Cash – Crypto Financial Services Platform
- Alpaca: API infrastructure for financial assets
- OnJuno: Crypto-Enabled Neobank
- OneSafe: DeFi data infrastructure
- Ridian – Cryptocurrency Wallet Automation
- SkyLink – DeFi Portfolio Management
- Limestone — Global USD banking platform
- Kinetic: digital asset exchange platform
Web3, NFT and crypto-adjacents:
- Crossmint: tools for NFT developers
- CreatorDAO: investment platform for creators
- 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 games (made separately as direct SPV)
Additionally, Warsh previously invested in Bitwise Asset Management, the company behind one of the bitcoin spot ETFs, although that position does not appear in the current disclosure.
What you have to sell and what that means
Most of these crypto holdings are located within fund vehicles whose individual items are reported without dollar values, which, under OGE rules, means each is worth less than $1,000. In other words, they are small risk bets, not concentrated positions.
But there are larger pots that almost certainly contain cryptocurrency exposure. Warsh owns more than $100 million in Juggernaut Fund LP, whose underlying assets are protected by confidentiality agreements. He also holds dozens of positions at THSDFS LLC, some valued between $1 million and $5 million individually, all equally opaque. Both will require complete divestment.
OGE certifying officer Heather Jones noted them in her review, noting that Warsh will comply with the Government Ethics Act once it completes the divestitures. The open question is how that divestment plays out for illiquid venture holdings. Selling a position in Compound or dYdX token holdings is simple; unwinding LP stakes in Polychain or Bessemer Venture Associates funds is not.
The question of conflict
Even after the sale, Warsh will face a complicated recusal landscape. Federal ethics rules generally require a one-year cooling-off period for matters that directly affect recent financial interests. This could be relevant as the Federal Reserve intervenes in:
- Stablecoin Legislation: Congress is actively debating stablecoin frameworks that would define which institutions can issue and custody stablecoins, which would directly impact DeFi protocols and crypto neobanks like those in Warsh’s portfolio.
- Bank Cryptocurrency Custody Guide: The Federal Reserve’s supervisory stance on whether banks can custody digital assets has been one of the most controversial policy issues in crypto since 2022.
- Deposits and tokenized securities: The Federal Reserve has a direct role in approving or discouraging banking experimentation with tokenized deposits, an area adjacent to several Warsh holdings.
- CBDC research: Although political support for a CBDC in the US has cooled, the Federal Reserve’s ongoing investigation intersects with the payments network infrastructure represented by the Lightning Network and Solana holdings.
The bigger picture
What is striking is not so much the size of the crypto bets (most are small) but the fact that they exist. This is not a candidate who passively owned bitcoins through a brokerage account. Warsh deliberately sought exposure to the specific protocols, networks, and infrastructure companies most directly affected by the Federal Reserve’s monetary and regulatory policy decisions.
Its broader financial profile underscores this point. Warsh earned $10.2 million in consulting fees from Duquesne Family Office, the investment arm of Stanley Druckenmiller, one of cryptocurrency’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 companies with significant digital asset trading operations.
In the first half of 2025 alone, his speaking fee circuit totaled more than $780,000 from companies such as TPG, Warburg Pincus, State Street, Eli Lilly and Centerview Partners.
Combined with his wife Jane Lauder’s estimated $1.9 billion net worth, Warsh would be among the richest Federal Reserve chairs in modern history.
What comes next?
Senate Banking Committee Chairman Tim Scott (R.S.C.) said Tuesday that a confirmation hearing will be held next week. But Sen. Thom Tillis (R-N.C.) continues to block any final vote until the Justice Department drops its criminal investigation of current Federal Reserve Chairman Jerome Powell, whose term expires on May 15.
Cryptocurrency holdings will almost certainly come up for question. Senators on both sides have increasingly focused on financial conflicts at the Federal Reserve, and Warsh’s portfolio gives them specific, named companies to ask about.
For the crypto industry, Warsh’s disclosure is a double-edged signal. For one thing, a Fed chair with personal exposure to DeFi and blockchain infrastructure may have more nuanced views on the technology than his predecessors who had none. On the other hand, mandatory divestment and recusal obligations could limit your ability to act on the sympathies implied by those investments, at least for the first year.
