Fed Chair Warsh Completes Crypto Divestiture Under Ethics Pledge
In brief
- Warsh signed ethics certification Thursday confirming all remaining financial stakes had been sold
- Fed chair previously disclosed major crypto exposure including Compound, dYdX, Solana, Optimism, and Bitcoin
- Combined assets with wife exceed $192 million; most individual crypto holdings valued under $1,000
- Some investments subject to confidentiality arrangements left underlying holdings undisclosed
Divestiture Timeline
Warsh had already sold most of the relevant investments before taking office in May, as reflected in an earlier certificate of divestiture. Thursday's certification confirms the final tranche of covered positions have now been liquidated. The ethics agreement required him to divest holdings that could create conflicts of interest in his regulatory role.
Crypto and Venture Exposure
Warsh previously disclosed extensive crypto and blockchain exposure through venture investments including Compound, dYdX, Lighter, Solana, Optimism, and Blast. His Bitcoin-related holdings included Flashnet and a direct interest in the Lightning Network. Other crypto-related investments included Polymarket, Lemon Cash, Crossmint, Dapper Labs, Tenderly and Vana.
Most of Warsh's individual crypto holdings were valued at less than $1,000 under federal disclosure rules. But his overall financial profile remains unusually large for a Fed chair. Warsh and his wife reported combined assets of at least $192 million, and he held major private investment positions including more than $100 million in Juggernaut Fund LP and multiple THSDFS LLC positions worth between $1 million and $5 million.
Disclosure Limitations
Some of the investments covered by Warsh's ethics agreement were subject to confidentiality arrangements, leaving their underlying holdings undisclosed. This opacity means the full scope of his digital-asset exposure may never be fully public. The completed divestiture satisfies his ethics obligations, but the confidentiality restrictions highlight ongoing tensions between transparency and investor privacy in government financial disclosures.
