'The Next Fed Chair Is More Degen Than You': Warsh Discloses Over 30 Crypto Investments

Donald Trump has called himself the "crypto president." Is a crypto Fed chair next?

Kevin Warsh, Trump's nominee to be the next head of the Federal Reserve, disclosed investments in dozens of cryptocurrency projects Tuesday as part of his confirmation process, which Republicans hope to finish in the next few weeks.

The financier and former banker's investments are expected to be a topic of questioning during his Senate hearing, currently scheduled for Tuesday morning. Warsh is married to billionaire Jane Lauder of the Estée Lauder family, and her finances were also disclosed in the 69-page report.

As part of the required disclosure, Warsh revealed a number of financial interests in crypto projects, including major names like Solana and Polymarket and smaller players such as Lemon Cash and Friends with Benefits.

Why it matters that Warsh owns crypto

If confirmed by a majority of the Senate, Warsh is expected to bring a new vision to the U.S. central bank. He would replace Fed Chair Jerome Powell, who is known for his measured communication style and has resisted Trump's often-vehement demands for interest rate cuts. Powell's official term as chairman ends May 15, though he can stay on the board until January 2028.

The disclosed investments in crypto projects represent only a small portion of Warsh's total assets. Still, they quickly caught the attention of social media users, with one joking in a widely viewed post on X that "the next Fed Chair is more degen than you."

That tweet listed off 34 crypto investments, which Money cross-checked against the financial disclosure and will reproduce below.

Of those, 33 fall under a position in DCM Investments 10 LLC and specifically a subline item called Abstract Holdings LLC. The total DCM investment is valued between $250,000 and $500,000. Warsh also disclosed an investment in TravelXchange Inc., a blockchain travel platform, through a position in THSDFS LLC (Series 36) valued at between $15,000 and $50,000.

According to the Wall Street Journal, Warsh's disclosure suggests that his "assets might be valued between $131 million and more than $209 million."

So while the presumptive Fed chair likely has more money invested in crypto than you, his exposure doesn't actually appear particularly "degenerate." ("Degen" is an in-group term often used to describe traders who take big risks.)

Financial professionals typically recommend limiting crypto to no more than 5% of a portfolio.

In an April 10 ethics agreement, Warsh said that he will divest from DCM Investments 10 LLC along with other entities.

Can the Fed chair affect crypto policy?

Warsh has been described as "pro-bitcoin," and in a May interview with the Hoover Institution, he said that there are "real innovators" building "in and around" crypto.

"Bitcoin doesn't trouble me. I think of it as an important asset that can help inform policymakers when they're doing things right and wrong," he said. "It is not a substitute to the dollar."

These comments could be driving some of the interest in his crypto investments.

The Fed is responsible for setting benchmark interest rates, and the chair is a permanently voting member and the voice of the Federal Open Market Committee. In one way or another, U.S. monetary policy affects just about every corner of the economy, making the role one of the most important and most-scrutinized in government.

While the Fed chair does not have a say in the crypto policies enacted by Congress or the Trump administration, the Fed's moves are still hugely important to the crypto market, which generally benefits from a low-interest-rate environment.

That's part of why these disclosures and divestments matter: They are supposed to give lawmakers and the public confidence in the independence and integrity of the Fed.

Fed nominee's crypto investments

Here are Warsh's disclosed investments in crypto projects:

• Blast (yield-generating ethereum layer two)
• Brave (privacy-focused ad-blocking browser)
• Canvas.xyz (decentralized computing platform)
• Compound (algorithmic crypto money markets)
• Coworker AI (Web3 commerce infrastructure platform)
• CreatorDAO (creator investment platform)
• Crossmint (NFT developer tools platform)
• Dapper Labs (consumer digital assets platform)
• DeSo (social crypto network platform)
• dYdX (decentralized derivatives trading exchange)
• Eulith (crypto trading platform)
• Flashnet (lightning bitcoin trading platform)
• Friends With Benefits (Web3 community platform)
• Kinetic (digital asset exchange platform)
• Lemon Cash (crypto financial services platform)
• Lighter (decentralized exchange protocol)
• Lightning Network (off-chain payment network)
• Match Day (sports NFT collectibles platform)
• Melange (decentralized prediction market platform)
• Mirror (game development platform)
• OneSafe (DeFi data infrastructure platform)
• OnJuno (crypto-enabled neobank platform)
• Optimism (ethereum scaling blockchain layer)
• Polychain (crypto investment firm)
• Polymarket (prediction market platform)
• Ridian (crypto portfolio automation platform)
• Scalar Capital (blockchain investment firm)
• SkyLink (DeFi portfolio management platform)
• Solana (high-performance blockchain platform)
• Structure, Zaibatsu (blockchain retail trading platform)
• Tenderly (ethereum developer platform)
• TravelXchange Inc. (blockchain travel platform)
• Warp (pseudonymous social platform)
• Zero Gravity/0G (layer-2 AI blockchain platform)

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