{
    "id": 71765,
    "date": "2026-04-15T09:09:20",
    "date_gmt": "2026-04-15T02:09:20",
    "guid": {
        "rendered": "https:\/\/hbbgroup.net\/the-next-fed-chair-has-crypto-exposure-in-his-portfolio-here-are-the-details\/"
    },
    "modified": "2026-04-15T09:09:20",
    "modified_gmt": "2026-04-15T02:09:20",
    "slug": "the-next-fed-chair-has-crypto-exposure-in-his-portfolio-here-are-the-details",
    "status": "publish",
    "type": "post",
    "link": "https:\/\/hbbgroup.net\/en_us\/the-next-fed-chair-has-crypto-exposure-in-his-portfolio-here-are-the-details\/",
    "title": {
        "rendered": "The next Fed chair has crypto exposure in his portfolio. Here are the details"
    },
    "content": {
        "rendered": "<div data-module-name=\"article-header\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<h2>The next Fed chair has crypto exposure in his portfolio. Here are the details<\/h2>\n<h2>Kevin Warsh&#8217;s financial disclosure reveals stakes in DeFi protocols, Ethereum scaling networks, a Bitcoin Lightning startup, and prediction markets \u2014 all of which he&#8217;s promised to sell.<\/h2>\n<p><span>Updated Apr 14, 2026, 8:12 p.m. <\/span><span>Published Apr 14, 2026, 6:57 p.m. <\/span><\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.google.com\/preferences\/source?q=coindesk.com\">Make <svg width=\"83\" height=\"16\" viewbox=\"0 0 83 16\" fill=\"none\"><path d=\"M23.575 11.1954C22.0743 11.1954 21.1445 9.85899 21.1445 8.00995C21.1445 6.17921 21.927 4.81531 23.5658 4.81531C24.643 4.81531 25.3519 5.50184 25.4808 6.40805H27.985C27.8561 5.28215 27.3497 4.29355 26.4659 3.63449C25.7478 3.08527 24.7535 2.74658 23.575 2.74658C20.5552 2.74658 18.5942 5.01669 18.5942 8.00995C18.5942 11.0215 20.6197 13.2275 23.5934 13.2275C25.0205 13.2275 26.0608 12.8339 26.8342 12.0833C27.5246 11.4243 27.985 10.5089 28.0494 9.51115H25.5452C25.4347 10.4906 24.6982 11.1954 23.575 11.1954Z\" fill=\"black\" \/><path d=\"M32.6693 5.61475C30.3493 5.61475 28.7933 7.26241 28.7933 9.43183C28.7933 11.6013 30.3493 13.2489 32.6693 13.2489C35.0078 13.2489 36.5361 11.6013 36.5361 9.43183C36.5361 7.26241 35.0078 5.61475 32.6693 5.61475ZM32.6601 11.6104C31.6566 11.6104 31.1318 10.7408 31.1318 9.43183C31.1318 8.12285 31.6566 7.23495 32.6601 7.23495C33.6636 7.23495 34.2068 8.12285 34.2068 9.43183C34.1976 10.7408 33.6636 11.6104 32.6601 11.6104Z\" fill=\"black\" \/><path d=\"M39.8159 4.8467C40.3084 4.35697 40.3084 3.56295 39.8159 3.07322C39.3233 2.58349 38.5247 2.58349 38.0321 3.07322C37.5396 3.56295 37.5396 4.35697 38.0321 4.8467C38.5247 5.33644 39.3233 5.33644 39.8159 4.8467Z\" fill=\"black\" \/><path d=\"M36.916 7.42587H37.8827V13.0188H40.1844V5.80566H36.916V7.42587Z\" fill=\"black\" \/><path d=\"M45.8468 5.59375C44.8432 5.59375 44.1435 6.01482 43.6096 6.79288H43.5635V5.80428H41.3447V13.0082H43.6556V9.02638C43.6556 8.13847 44.162 7.50687 44.9261 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64.1565 7.81884 64.2394 8.67928H61.3854Z\" fill=\"black\" \/><path d=\"M71.1366 8.50768C70.2159 8.34291 69.3966 8.26968 69.3966 7.76623C69.3966 7.3177 69.8385 7.10717 70.4001 7.10717C71.0353 7.10717 71.4772 7.30855 71.5601 7.94931H73.6868C73.5764 6.53048 72.4716 5.64258 70.4185 5.64258C68.7061 5.64258 67.2882 6.42979 67.2882 7.94931C67.2882 9.64274 68.6324 9.97227 69.8937 10.1828C70.8604 10.3476 71.735 10.4208 71.735 11.0707C71.735 11.5375 71.2931 11.7847 70.6026 11.7847C69.8385 11.7847 69.3597 11.4369 69.2677 10.7137H67.0857C67.1593 12.3065 68.4851 13.2767 70.6118 13.2767C72.5084 13.2767 73.9078 12.4621 73.9078 10.8876C73.917 9.04775 72.4163 8.71821 71.1366 8.50768Z\" fill=\"black\" \/><path d=\"M79.3367 8.5171L81.8869 5.80761H79.2262L77.0719 8.24249V2.95166H74.7979V13.0207H77.0719V10.8055L77.7716 10.0732L79.5116 13.0207H82.1815L79.3367 8.5171Z\" fill=\"black\" \/><path d=\"M8.68314 9.14363C9.19836 9.14363 9.61603 8.72836 9.61603 8.2161C9.61603 7.70384 9.19836 7.28857 8.68314 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width=\"51\" height=\"20\" viewbox=\"0 0 51 20\" fill=\"none\"><path d=\"M23.151 12.1893C23.151 14.3795 21.412 15.9934 19.278 15.9934C17.145 15.9934 15.406 14.3795 15.406 12.1893C15.406 9.98365 17.145 8.38525 19.278 8.38525C21.412 8.38525 23.151 9.98365 23.151 12.1893ZM21.456 12.1893C21.456 10.8207 20.448 9.88415 19.278 9.88415C18.109 9.88415 17.101 10.8207 17.101 12.1893C17.101 13.5442 18.109 14.4944 19.278 14.4944C20.448 14.4944 21.456 13.5425 21.456 12.1893Z\" fill=\"#EA4335\" \/><path d=\"M31.502 12.1893C31.502 14.3795 29.764 15.9934 27.63 15.9934C25.496 15.9934 23.758 14.3795 23.758 12.1893C23.758 9.9854 25.496 8.38525 27.63 8.38525C29.764 8.38525 31.502 9.98365 31.502 12.1893ZM29.807 12.1893C29.807 10.8207 28.799 9.88415 27.63 9.88415C26.461 9.88415 25.453 10.8207 25.453 12.1893C25.453 13.5442 26.461 14.4944 27.63 14.4944C28.799 14.4944 29.807 13.5425 29.807 12.1893Z\" fill=\"#FBBC05\" \/><path d=\"M39.509 8.6151V15.4446C39.509 18.2539 37.828 19.4013 35.841 19.4013C33.97 19.4013 32.844 18.1681 32.419 17.1597L33.895 16.5542C34.158 17.1734 34.802 17.904 35.839 17.904C37.111 17.904 37.899 17.1305 37.899 15.6744V15.1273H37.84C37.461 15.5886 36.73 15.9917 35.808 15.9917C33.878 15.9917 32.109 14.3349 32.109 12.203C32.109 10.0558 33.878 8.38525 35.808 8.38525C36.728 8.38525 37.459 8.78835 37.84 9.2359H37.899V8.6168H39.509V8.6151ZM38.019 12.203C38.019 10.8636 37.113 9.88415 35.959 9.88415C34.789 9.88415 33.81 10.8636 33.81 12.203C33.81 13.5288 34.789 14.4944 35.959 14.4944C37.113 14.4944 38.019 13.5288 38.019 12.203Z\" fill=\"#4285F4\" \/><path d=\"M42.169 4.61182V15.7599H40.516V4.61182H42.169Z\" fill=\"#34A853\" \/><path d=\"M48.61 13.4411L49.925 14.3055C49.501 14.9247 48.477 15.9914 46.709 15.9914C44.517 15.9914 42.879 14.3209 42.879 12.1874C42.879 9.9252 44.53 8.38325 46.52 8.38325C48.523 8.38325 49.503 9.9543 49.823 10.8033L49.999 11.2355L44.839 13.3416C45.234 14.1048 45.848 14.4942 46.709 14.4942C47.573 14.4942 48.171 14.0757 48.61 13.4411ZM44.56 12.0725L48.009 10.6609C47.82 10.1859 47.249 9.8548 46.577 9.8548C45.716 9.8548 44.517 10.6043 44.56 12.0725Z\" fill=\"#EA4335\" \/><path d=\"M9.149 11.1998V9.5859H14.668C14.722 9.8672 14.75 10.1999 14.75 10.5601C14.75 11.7709 14.414 13.2682 13.331 14.335C12.278 15.4155 10.933 15.9918 9.151 15.9918C5.848 15.9918 3.07 13.3402 3.07 10.085C3.07 6.8298 5.848 4.1782 9.151 4.1782C10.978 4.1782 12.28 4.8848 13.258 5.8058L12.103 6.9447C11.401 6.2964 10.451 5.7921 9.149 5.7921C6.737 5.7921 4.851 7.7079 4.851 10.085C4.851 12.4621 6.737 14.3779 9.149 14.3779C10.714 14.3779 11.605 13.7587 12.176 13.1962C12.639 12.74 12.943 12.0882 13.063 11.1981L9.149 11.1998Z\" fill=\"#4285F4\" \/><\/svg><\/a><\/p>\n<\/div>\n<div data-module-name=\"article-body\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>Kevin Warsh, President Trump&#8217;s nominee to chair the Federal Reserve, filed his 69-page financial disclosure with the U.S. Office of Government Ethics, clearing the last bureaucratic hurdle before his confirmation hearing, now expected next week. <\/p>\n<p>The filing reveals combined assets with his wife of at least $192 million \u2014 but it&#8217;s the crypto-specific holdings buried deep in the document that should interest this industry the most.<\/p>\n<p>Warsh, through a web of venture fund structures, holds 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 he has pledged to divest the majority of them.<\/p>\n<p>The man who will oversee stablecoin regulation, bank crypto custody policy, and any future central bank digital currency decisions has, until now, been personally invested across the crypto ecosystem, though the size of those holdings was unclear.<\/p>\n<h3>The Full Crypto Portfolio<\/h3>\n<p>CoinDesk reviewed the complete 69-page OGE Form 278e. Warsh&#8217;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:<\/p>\n<p><strong>DeFi and trading protocols:<\/strong><\/p>\n<ul>\n<li>Compound \u2014 Algorithmic crypto money markets, one of the foundational DeFi lending protocols<\/li>\n<li>dYdX \u2014 Decentralized derivatives trading exchange<\/li>\n<li>Lighter \u2014 Decentralized exchange protocol<\/li>\n<li>Eulith \u2014 Crypto trading platform<\/li>\n<\/ul>\n<p><strong>Layer 1 and Layer 2 networks:<\/strong><\/p>\n<ul>\n<li>Solana \u2014 High-performance Layer 1 blockchain<\/li>\n<li>Optimism \u2014 Ethereum scaling Layer 2<\/li>\n<li>Blast \u2014 Yield-generating Ethereum Layer 2<\/li>\n<li>Zero Gravity \u2014 Layer 2 AI blockchain platform<\/li>\n<li>DeSo \u2014 Social crypto network<\/li>\n<\/ul>\n<p><strong>Bitcoin-specific:<\/strong><\/p>\n<ul>\n<li>Flashnet \u2014 Lightning Network Bitcoin trading platform<\/li>\n<li>Lightning Network \u2014 Off-chain Bitcoin payment network (a direct holding)<\/li>\n<\/ul>\n<p><strong>Crypto investment and financial infrastructure:<\/strong><\/p>\n<ul>\n<li>Polychain \u2014 Crypto investment firm<\/li>\n<li>Scalar Capital \u2014 Blockchain investment firm<\/li>\n<li>Polymarket \u2014 Prediction market platform<\/li>\n<li>Lemon Cash \u2014 Crypto financial services platform<\/li>\n<li>Alpaca \u2014 Financial assets API infrastructure<\/li>\n<li>OnJuno \u2014 Crypto-enabled neobank<\/li>\n<li>OneSafe \u2014 DeFi data infrastructure<\/li>\n<li>Ridian \u2014 Crypto portfolio automation<\/li>\n<li>SkyLink \u2014 DeFi portfolio management<\/li>\n<li>Caliza \u2014 Global USD banking platform<\/li>\n<li>Kinetic \u2014 Digital asset exchange platform<\/li>\n<\/ul>\n<p><strong>Web3, NFTs, and crypto-adjacent:<\/strong><\/p>\n<ul>\n<li>Crossmint \u2014 NFT developer tools<\/li>\n<li>CreatorDAO \u2014 Creator investment platform<\/li>\n<li>Friends With Benefits \u2014 Web3 community platform<\/li>\n<li>Dapper Labs \u2014 Consumer digital assets (NBA Top Shot)<\/li>\n<li>Tenderly \u2014 Ethereum developer platform<\/li>\n<li>Vana \u2014 Incentivized data collection platform<\/li>\n<li>Structure (Zaibatsu Heavy Industries) \u2014 Blockchain retail trading<\/li>\n<li>Metatheory \u2014 Web3 gaming (held separately as a direct SPV)<\/li>\n<\/ul>\n<p>In addition, Warsh previously invested in Bitwise Asset Management, the firm behind one of the spot bitcoin ETFs, though that position does not appear on the current disclosure.<\/p>\n<h3>What he has to sell \u2014 and what that means<\/h3>\n<p>Most of these crypto positions sit within fund vehicles whose individual line items are reported without dollar values, which, under OGE rules, means each is worth less than $1,000. In other words, they&#8217;re small venture bets, not concentrated positions.<\/p>\n<p>But there are bigger pots that almost certainly contain crypto exposure. Warsh holds over $100 million in Juggernaut Fund LP, whose underlying assets are shielded by confidentiality agreements. He also holds dozens of positions in THSDFS LLC, some valued at $1\u2013$5 million individually, all similarly opaque. Both will require full divestiture.<\/p>\n<p>OGE certifying official Heather Jones flagged these in her review, noting that Warsh will be in compliance with the Ethics in Government Act once he completes the divestitures. The open question is how that divestiture plays out for illiquid venture stakes. Selling a position in Compound or dYdX token holdings is straightforward; unwinding LP stakes in Polychain or Bessemer Venture Associates funds is not.<\/p>\n<h3>The conflict question<\/h3>\n<p>Even after selling, Warsh will face a complicated recusal landscape. Federal ethics rules generally require a one-year cooling-off period for matters directly affecting recent financial interests. That could be relevant as the Fed weighs in on:<\/p>\n<ul>\n<li>Stablecoin legislation<strong>:<\/strong> Congress is actively debating stablecoin frameworks that would define which institutions can issue and custody stablecoins \u2014 directly impacting DeFi protocols and crypto neobanks like those in Warsh&#8217;s portfolio.<\/li>\n<li>Bank crypto custody guidance<strong>:<\/strong> The Fed&#8217;s supervisory stance on whether banks can custody digital assets has been one of the most contested policy questions in crypto since 2022.<\/li>\n<li>Tokenized deposits and securities<strong>:<\/strong> The Fed has a direct role in approving or discouraging bank experimentation with tokenized deposits, an area adjacent to several Warsh holdings.<\/li>\n<li>CBDC research<strong>:<\/strong> Though political support for a U.S. CBDC has cooled, the Fed&#8217;s ongoing research intersects with the payment network infrastructure represented by Lightning Network and Solana holdings.<\/li>\n<\/ul>\n<h3>The Bigger Picture<\/h3>\n<p>What&#8217;s striking is less the size of the crypto bets \u2014 most are small \u2014 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&#8217;s regulatory and monetary policy decisions most directly affect.<\/p>\n<p>His broader financial profile underscores the point. Warsh earned $10.2 million in consulting fees from Duquesne Family Office, the investment arm of Stanley Druckenmiller, one of crypto&#8217;s most prominent macro investors. He collected $1.55 million from GoldenTree Asset Management, $750,000 from Cerberus Capital Management, and another $750,000 in honoraria from Brevan Howard \u2014 all firms with significant digital asset trading operations.<\/p>\n<p>His speaking fee circuit in the first half of 2025 alone totaled over $780,000 from firms including TPG, Warburg Pincus, State Street, Eli Lilly, and Centerview Partners.<\/p>\n<p>Combined with spouse Jane Lauder&#8217;s estimated $1.9 billion net worth, Warsh would be among the wealthiest Fed chairs in modern history.<\/p>\n<h3>What comes next<\/h3>\n<p>Senate Banking Committee chair 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 Fed Chair Jerome Powell, whose term expires May 15.<\/p>\n<p>The crypto holdings will almost certainly come up in questioning. Senators on both sides have grown more focused on financial conflicts at the Fed, and Warsh&#8217;s portfolio gives them specific, named companies to ask about.<\/p>\n<p>For the crypto industry, the Warsh disclosure is a double-edged signal. On one hand, a Fed chair with personal venture 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 divestiture and recusal obligations could constrain his ability to act on whatever sympathies those investments imply \u2014 at least in the first year.<\/p>\n<\/div>\n<div data-module-name=\"read-next\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>More For You<\/p>\n<div><a href=\"http:\/\/www.coindesk.com\/policy\/2026\/04\/14\/u-s-doj-opens-up-claim-process-for-victims-of-onecoin-s-usd4-billion-fraud-case\"><\/p>\n<figure><img loading=\"lazy\" alt=\"The U.S. Department of Justice grabbed another of the men it alleges moved billions in criminal money at BTC-e.  (Jesse Hamilton\/CoinDesk)\" width=\"1920\" height=\"1080\" decoding=\"async\" data-nimg=\"1\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F564bac7203c6e38e89eb4093ecb221b0bbe4e205-3200x1800.jpg%3Fauto%3Dformat&#038;w=3840&#038;q=75\"><\/figure>\n<p><\/a><\/p>\n<p>The Department of Justice said it has $40 million in seized assets for victim compensation and it will continue working to seize further criminal proceeds for the defrauded investors<\/p>\n<div>\n<p>What to know: <\/p>\n<div>\n<ul>\n<li>Victims of the $4 billion OneCoin fraud can now apply for compensation from a $40 million fund of seized assets established by the U.S. Department of Justice.<\/li>\n<li>OneCoin, co-founded by fugitive &#8220;Cryptoqueen&#8221; Ruja Ignatova and Karl Sebastian Greenwood, defrauded as many as 3.4 million investors worldwide through a fake cryptocurrency&#8230;<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.coindesk.com\/policy\/2026\/04\/14\/u-s-doj-opens-up-claim-process-for-victims-of-onecoin-s-usd4-billion-fraud-case\">Read full story<svg width=\"21\" height=\"21\" viewbox=\"0 0 21 21\" fill=\"none\"><mask id=\"mask0_2473_9121\" style=\"mask-type:alpha\" maskunits=\"userSpaceOnUse\" x=\"0\" y=\"0\" width=\"21\" height=\"21\"><rect x=\"0.5\" y=\"0.500366\" width=\"20\" height=\"20\" fill=\"var(--border-default)\" \/><\/mask><g mask=\"url(#mask0_2473_9121)\"><path d=\"M12.0385 15.2119L11.1602 14.3081L14.3429 11.1254H4.25V9.8754H14.3429L11.1602 6.69269L12.0385 5.78894L16.75 10.5004L12.0385 15.2119Z\" fill=\"var(--text-default)\" \/><\/g><\/svg><\/a><\/p>\n<\/div>\n<\/div>",
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        "rendered": "<p>The next Fed chair has crypto exposure in his portfolio. Here are the details Kevin Warsh&#8217;s financial disclosure reveals stakes [&hellip;]<\/p>",
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