Kevin Wersh, President Trump’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 to take place next week.
The filing reveals a combined fortune of at least $192 million with his wife – but it’s the crypto-specific holdings buried deep in the document that should interest the industry most.
Warsh, through a web of venture fund structures, holds equity positions in over 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 sell most of them.
The man who will oversee stablecoin regulation, bank crypto custody policy and future central bank digital currency decisions has, so far, been personally invested in the crypto ecosystem, though the size of those holdings was not clear.
full crypto portfolio
CoinDesk reviewed the entire 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 & II. Here is every recognizable crypto and blockchain situation:
DeFi and Trading Protocols:
- Compound – algorithmic crypto money market, one of the foundational DeFi lending protocols
- dYdX – Decentralized Derivatives Trading Exchange
- Lightweight – Decentralized Exchange Protocol
- Ulith – Crypto Trading Platform
Layer 1 and Layer 2 Networks:
- Solana – High-Performance Layer 1 Blockchain
- Optimism – Ethereum Scaling Layer 2
- Blast – Yield-Generating Ethereum Layer 2
- Zero Gravity – Layer 2 AI Blockchain Platform
- Deseo – Social Crypto Network
Bitcoin-specific:
- Flashnet – Lightning Network Bitcoin Trading Platform
- Lightning Network – off-chain Bitcoin payment network (a direct holding)
Crypto investing and financial infrastructure:
- Polychain – Crypto Investment Firm
- Scalar Capital – Blockchain investment firm
- PolyMarket – Prediction Market Platform
- Lemon Cash – Crypto Financial Services Platform
- Alpaca – Financial Asset 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 tool
- CreatorDAO – Creator Investment Platform
- Friends with Benefits – Web3 Community Forum
- Dapper Labs – Consumer Digital Asset (NBA Top Shot)
- Tenderly – Ethereum developer platform
- Wana – Incentive Data Collection Platform
- Structure (Zaibatsu Heavy Industries) – Blockchain Retail Business
- Metatheory – Web3 Gaming (held separately as a direct SPV)
Additionally, Warsh previously invested in Bitwise Asset Management, the company behind one of the spot Bitcoin ETFs, though that position does not appear on the current disclosure.
What does he have to sell – and what does it mean
Most of these crypto positions are within fund vehicles whose individual line items are reported without dollar values, meaning each is valued at less than $1,000 under OGE rules. In other words, they are small enterprise bets, not concentrated positions.
But there are also larger pots that almost certainly have crypto exposure. Warsh owns a stake of more than $100 million in Juggernaut Fund LP, whose underlying assets are protected by confidentiality agreements. He also has dozens of positions in THSDFS LLC, some of which are individually valued at $1-$5 million, all equally opaque. Both will require complete disinvestment.
OGE certification officer Heather Jones flagged these in her review, noting that Warsh would be in compliance with the Ethics in Government Act after completing the divestiture. The open question is how this divestiture works for the unique enterprise stake. Selling a position in Compound or dYdX token holdings is straightforward; There is no need to unwind an LP stake in Polychain or Bessemer Venture Associates funds.
conflict question
Even after the sale, Warsh will face a complex separation scenario. Federal ethics rules generally require a one-year cooling-off period for matters directly affecting recent financial interests. This may be relevant as the Fed is considering the following:
- stablecoin law: : Congress is actively debating the stablecoin framework that would define which entities can issue and preserve stablecoins – directly impacting DeFi protocols and crypto neobanks like Warsh’s portfolio.
- bank crypto custody guidance: : The Fed’s supervisory stance on whether banks can safeguard digital assets has been one of the most contentious policy questions in crypto since 2022.
- token deposits and securities: : The Fed has a direct role in approving or discouraging bank experimentation with token deposits, an area adjacent to many Warsh holdings.
- CBDC research: : Although political support for a U.S. CBDC has cooled, the Fed’s ongoing research is tied to the payment network infrastructure represented by Lightning Network and Solana Holdings.
big picture
What is striking is that the size of crypto bets is low – most are small – but more that they exist. This is not a nominee who passively holds Bitcoin through a brokerage account. Warsh intentionally sought exposure to the specific protocol, network, and infrastructure companies that most directly impact the Fed’s regulatory and monetary policy decisions.
His extensive financial profile underlines this. Warsh earned $10.2 million in consulting fees from Duquesne Family Office, the investment arm of Stanley Druckenmiller, one of crypto’s most prominent macro investors. He collected prize money of $1.55 million from GoldenTree Asset Management, $750,000 from Cerberus Capital Management, and $750,000 from Brevan Howard – all companies with significant digital asset trading operations.
His speaking fee circuit alone in the first half of 2025 was more than $780,000 from companies including TPG, Warburg Pincus, State Street, Eli Lilly and Centerview Partners.
With wife Jane Lauder’s estimated net worth of $1.9 billion, Warsh would be one of the wealthiest Fed chairmen 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 Senator Thom Tillis (R-N.C.) continues to block any final vote until the Justice Department closes its criminal investigation into current Fed Chairman Jerome Powell, whose term ends on May 15.
Crypto holdings will almost certainly come under scrutiny. Senators from both parties are increasingly focused on the financial struggles at the Fed, and Wersh’s portfolio gives him more to ask about specific, named companies.
For the crypto industry, the Warsh disclosure is a double-edged signal. On the 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, mandatory disinvestment and separation obligations may constrain its ability to act on whatever sympathy it may have for those investments – at least in the first year.