Kevin Warsh’s Fed disclosure lists crypto and AI-linked holdings, but the over $100 million figure refers to broader assets, not that sleeve specifically.
Kevin Warsh, President Trump’s nominee to chair the Federal Reserve, disclosed holdings in crypto and AI-linked ventures as part of his mandatory ethics filing, though the widely cited “over $100 million” figure refers to his broader portfolio rather than his digital asset exposure specifically.
The disclosure came through an OGE Form 278e filed by Warsh as nominee for Chairman and Member of the Board of Governors of the Federal Reserve System. The form was electronically signed on February 25, 2026 and certified by OGE on April 10, 2026.
What Warsh’s ethics filing actually discloses
The filing lists DCM Investments 10 LLC with a value range of $250,001 to $500,000. The underlying holdings named for that vehicle include Compound, dYdX, Polymarket, Delphi AI, Volt, Recraft, 11x, and SpaceX (which acquired xAI).
That DCM position represents the clearest publicly identifiable crypto and AI-linked exposure in the filing. The named assets span decentralized finance protocols, a prediction market, and several AI startups, placing Warsh at the intersection of two sectors that have drawn increasing regulatory attention from Washington.
Separately, the filing shows two Juggernaut Fund LP positions, each valued at over $50,000,000. Those fund holdings account for the bulk of Warsh’s disclosed wealth, along with $10,200,000 in consulting fees from Duquesne Family Office.
Why the over $100 million figure needs context
Multiple outlets have reported that Warsh disclosed over $100 million in crypto and AI holdings. The public record tells a more nuanced story. The over $100 million figure is supported at the portfolio level, driven largely by the two Juggernaut Fund LP positions, but not as a confirmed crypto and AI subtotal.
The identifiable crypto and AI-linked sleeve, DCM Investments 10 LLC, is valued at no more than half a million dollars according to the filing’s own value ranges. Reuters reporting distinguished Warsh’s overall wealth from the smaller DCM venture sleeve that contains the crypto and AI names.
The filing includes other venture funds with confidential underlying assets, so some additional tech or crypto exposure may exist within those positions. The public record does not quantify that exposure precisely, and attributing the full $100 million-plus figure specifically to crypto and AI is not supported by the disclosed data.
What OGE’s divestiture note means for the nomination
OGE’s public annotation on the filing states that Warsh will be compliant only after divesting assets in Part 2, Lines 23, 25 through 53, 55 through 85, 86.3, and 87. This means the certification carries a divestiture condition, not full unconditional clearance.
The White House sent Warsh’s nomination to the Senate on March 4, 2026. The divestiture requirement is a standard ethics-screening issue, but it could surface during Senate Banking Committee review, particularly given the breadth of assets Warsh must shed before taking office.
Senator Cynthia Lummis, a vocal advocate for digital asset legislation, framed Warsh’s nomination favorably:
“Now more than ever, we need a Federal Reserve that embraces digital assets and financial innovation, not one that shuns advancement.”
— Senator Cynthia Lummis, via White House compilation of reactions
That endorsement signals potential support from the Senate’s most pro-crypto members, though the confirmation process will likely probe whether Warsh’s personal financial interests create conflicts with Fed oversight of stablecoin regulation and digital asset policy.
This is a nomination-disclosure story, not a shift in Federal Reserve crypto policy. Warsh has not yet been confirmed, and the Fed’s posture toward digital assets will depend on the full board’s composition and the regulatory framework that Congress ultimately passes. For markets already navigating a volatile macro environment, the disclosure adds one more variable to an already complex confirmation timeline.
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.
