Gate News message, April 21 — US Federal Reserve Chair nominee Kevin Warsh expressed support for digital assets during his Senate Banking Committee confirmation hearing today, stating that cryptocurrencies are “already part of the fabric of our financial industry.”
During the nearly 3-hour public session, pro-crypto Senator Cynthia Lummis asked whether digital assets should be incorporated into the financial system to enhance investment options and consumer protections. Warsh’s affirmative response has been widely interpreted as crypto-friendly rather than hostile.
Warsh’s financial disclosures revealed a $100 million cryptocurrency portfolio, including stakes in Solana, dYdX, Bitwise, Flashnet, and more than 20 other crypto projects. Senators raised concerns about potential conflicts of interest in crypto policy formation. Warsh committed to divesting the majority of his financial assets before being sworn in.
On Federal Reserve independence, Warsh emphasized he would not be President Trump’s “sock puppet,” despite receiving the President’s public endorsement. He also called for “a new and different inflation framework” with less premature Fed commentary on interest rates.
Warsh must submit written responses to senators’ follow-up questions by April 23. A committee vote on advancing the nomination will follow, with a full Senate vote expected thereafter. Both votes may occur before Jerome Powell’s 8-year term ends on May 15, 2026, though timing remains uncertain due to an ongoing Department of Justice probe into the Fed’s $2.5 billion headquarters renovation.
Crypto markets showed resilience, with the overall market cap down just 0.25% to $2.54 trillion. Bitcoin declined 1% over the last 24 hours, trading at $75,451.
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