I just came across Kevin Warsh’s financial disclosure before the Senate, and there are indeed some really interesting details. The guy filed a 69-page document with the U.S. Office of Government Ethics, and his portfolio doesn’t look anything like that of a typical candidate for leading the Fed.

Kevin Warsh was nominated by Trump to succeed Jerome Powell, and his assets are valued in the range of $131 million to $209 million. But the main point isn’t the amount—it’s what he invests his money in. Cryptocurrencies, DeFi, AI startups, SpaceX—this is nothing like a traditional central banker’s portfolio.

Warsh’s portfolio is split into two main structures. Two positions in Juggernaut Fund LP each exceed $50 million—together that’s more than $100 million. Plus roughly 24 separate positions through THSDFS LLC, each up to $5 million. Separately, he also receives a consulting fee of $10.2 million from the Stanley Druckenmiller investment office.

What stands out particularly in the crypto portfolio? A position in Blast—an Ethereum Layer-2 that generates its own income for ETH (4%) and for stablecoins (5%). This isn’t just a passive spot holding; it’s active participation in DeFi with an understanding of on-chain mechanics. Through Bitwise Asset Management, he holds a stake in a regulated spot Bitcoin ETF—a classic instrument for institutional access. Then there’s Flashnet operating on Bitcoin Lightning, Polymarket for prediction markets, Electric Capital as a crypto venture fund. Plus positions in Tenderly, Lemon Cash, Stashfin.

The profile looks like that of a TradFi tech investor rather than a traditional central banker. This shows that in the U.S. financial elite, cryptocurrency is now considered a legitimate asset class. Kevin Warsh has even previously compared Bitcoin to gold as a store of value.

If the Senate approves him, Warsh will have to fully liquidate all of these positions within six months. The Fed’s 2022 ethics rules explicitly prohibit FOMC members and senior officials from owning cryptocurrencies, individual stocks, and derivatives. This goes back to scandals from 2020, when presidents of the Boston Fed and Dallas Fed traded stocks during COVID.

The timelines are tight. Powell’s term expires on May 15, 2026, and Warsh’s hearings are scheduled for April 21. The Banking Committee consists of 13 members from one party and 11 from the other—one dissenter can delay approval. Plus, Senator Tom Tillis is threatening to block any Fed nomination until the DOJ’s investigation into Powell is completed.

Despite the hurdles, observers expect a narrow approval before the current chair’s term ends. It’s interesting to see how a candidate with such a crypto portfolio would run the U.S. central bank. This reflects a real shift in attitudes toward digital assets in the American financial system.