Kevin Warsh’s ethics filing shows a $250,001-$500,000 stake in a vehicle with exposure to Solana, Polymarket, Optimism and other crypto-linked holdings.
Kevin Warsh, President Trump’s nominee to lead the Federal Reserve, disclosed a stake in an investment vehicle with exposure to Solana, Polymarket, Optimism and nearly a dozen other crypto-linked holdings, according to his public ethics filing certified by the Office of Government Ethics on April 10, 2026.
The disclosure has drawn attention from crypto policy watchers, but the filing also reveals that Warsh’s crypto-adjacent position is a small fraction of a portfolio worth well over $100 million, dominated by two fund stakes each exceeding $50 million.
What Warsh’s Ethics Filing Actually Shows
Warsh filed an OGE Form 278e nominee report for the position of Chairman and Member of the Board of Governors of the Federal Reserve System. He signed the filing on February 25, 2026, and OGE certified it on April 10, 2026.
The report lists DCM Investments 10 LLC with a disclosed value band of $250,001 to $500,000. This is a venture capital vehicle, not a direct token holding, meaning Warsh’s crypto exposure runs through an intermediary fund rather than personal wallet positions.
Underlying holdings named in the filing under that vehicle include Blast, Compound, dYdX, Polychain, Scalar Capital, Lemon Cash, Optimism, Solana, Tenderly, Polymarket and SpaceX. Several of these are well-known names in DeFi and blockchain infrastructure, while others, like SpaceX, sit outside the crypto sector entirely.
The breadth of named holdings is notable. Compound and dYdX are established decentralized finance protocols, Polychain is a crypto-focused venture fund, and Polymarket is the prediction market platform that gained visibility during the 2024 U.S. election cycle. Solana and Optimism are Layer 1 and Layer 2 blockchain networks, respectively.
Crypto Exposure Is a Sliver of Warsh’s Disclosed Wealth
The $250,001 to $500,000 value band for DCM Investments 10 LLC needs context. Warsh’s filing also includes two separate Juggernaut Fund LP positions, each disclosed at more than $50 million. Reuters, via Yahoo Finance, reported that his total disclosed assets are well over $100 million.
That means the crypto-linked DCM stake represents, at most, roughly 0.5% of Warsh’s known portfolio. The crypto connection is real but it is not the dominant feature of his financial profile by any measure.
OGE noted that the report is compliant except for specific line items that would require divestiture for full ethics compliance after Senate confirmation. Whether the DCM stake falls among those flagged lines has not been publicly detailed, but the compliance caveat means some of Warsh’s current holdings may not survive the confirmation process intact.
Why the Disclosure Matters for Crypto Policy Watchers
The White House announced Warsh’s nomination on January 30, 2026. He is a nominee, not a confirmed Fed chair. No completed Senate confirmation vote has been verified as of April 14, 2026, making headlines declaring him the next Fed chair premature.
Still, the filing matters. A Fed chair nominee with any disclosed crypto-adjacent exposure is historically unusual. The Federal Reserve under previous leadership faced criticism from digital asset advocates who argued the central bank was hostile to crypto and blockchain innovation.
Sen. Cynthia Lummis responded to the nomination by saying the Fed should embrace the sector:
“Now more than ever, we need a Federal Reserve that embraces digital assets and financial innovation, not one that shuns advancement.”
Sen. Cynthia Lummis, via White House statement
Warsh’s venture-style exposure through DCM does not necessarily signal a policy stance on digital assets. Venture capital portfolios often reflect a fund manager’s allocation decisions rather than an investor’s personal convictions. But the disclosure gives crypto policy advocates a data point they did not have before: the person nominated to run the Fed has financial ties, however modest, to companies building in the space.
If confirmed, Warsh would lead the institution responsible for monetary policy, bank supervision, and financial stability oversight, all areas where regulatory posture toward digital assets has been a flashpoint. His confirmation hearings, whenever they are scheduled, will likely surface questions about how his disclosed holdings intersect with Fed jurisdiction over crypto-adjacent financial activity.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
