Kevin Warsh, President Donald Trump's nominee to chair the Federal Reserve, disclosed more than $192 million in combined assets through a U.S. Office of Government Ethics (OGE) filing, providing the most detailed public accounting of his financial holdings ahead of a Senate Banking Committee confirmation hearing expected around April 21. The filing, electronically signed by Warsh on February 25, 2026, and certified by OGE officials on April 10, 2026, reveals a sprawling portfolio that includes significant exposure to cryptocurrencies through various venture fund structures.
Crypto Portfolio Breakdown
Warsh holds indirect stakes in several major crypto projects via the AVGF I fund, including Solana, Optimism, and the Lightning Network. Through the DCM Investments 10 LLC structure, he holds positions in Dydx and Polychain Capital, as well as dozens of fintech and Web3 companies such as Compound, Lighter, Lemon Cash, and Blast, a yield-generating Ethereum layer-2 (L2) protocol. Furthermore, the AVF fund series includes holdings in Dapper Labs, Deso, Eulith, Onjuno, Ridian, Friends With Benefits, and Zero Gravity — an L2 artificial intelligence blockchain platform. Warsh also directly owns a stake valued between $1,001 and $15,000 in Metatheory Inc., a Web3 company, through Founder Bets Master SPV LLC.
Wealth Sources and Family Ties
A substantial portion of Warsh's wealth is tied to his marriage to Jane Lauder, a member of the Estee Lauder Companies family. Jane holds Class A and Class B stock in the cosmetics giant, each valued at over $1 million, along with a dense municipal bond portfolio spanning dozens of states and an undeveloped parcel of land in Suffolk County, New York, valued between $5 million and $25 million. On his own side, Warsh holds vested phantom stock and restricted stock units in UPS (each valued between $1 million and $5 million), as well as Coupang Inc. Class A Common Stock in the same range. He sits on the boards of both UPS and Coupang.
Divestiture Pledges and Ethics Compliance
Warsh's two largest single fund positions are the Juggernaut Fund LP, held both directly and through Vicarage Corporation, each valued at over $50 million. Due to pre-existing confidentiality agreements, the underlying assets of these funds are not disclosed, but Warsh has pledged to divest both if confirmed by the Senate. Dozens of THSDFS LLC series positions, ranging from $15,001 to $5 million, are also subject to similar confidentiality protections and divestiture commitments. OGE certifying officials concluded that Warsh complies with applicable ethics law, contingent on completing the required divestitures.
Background and Policy Implications
Warsh previously served as a Federal Reserve governor appointed at age 35 under President George W. Bush, where he gained firsthand experience navigating the 2008 financial crisis. Since leaving the Fed, he has been a vocal critic of the central bank's expanded balance sheet and prolonged easy-money policies. Analysts expect that, if confirmed, he would prioritize balance sheet reduction combined with potential rate cuts in a high-productivity environment, though any policy decisions would still require approval from the full Federal Open Market Committee (FOMC).
The Senate Banking Committee confirmation hearing is anticipated to focus heavily on Warsh's crypto holdings and his past criticisms of Fed policy. Trump nominated Warsh in January 2026 to succeed Jerome Powell, whose term as Fed chair ends in May 2026. The White House formally transmitted the nomination to the Senate in early March.