Warsh Disclosure Shows $100M+ in Crypto, AI and Funds

Kevin Warsh filed a 69-page financial disclosure with the U.S. Office of Government Ethics on April 14 showing more than $100 million in assets, including significant crypto and artificial intelligence investments and two Juggernaut Fund LP stakes each valued above $50 million. The filing satisfies the ethics office review needed before the Senate Banking Committee can schedule his confirmation hearing for Federal Reserve chair.

The document lists investments and income across private equity, consulting and technology sectors. It shows $10.2 million in consulting fees from the investment office of billionaire Stanley Druckenmiller and roughly two dozen positions held through an entity named THSDFS LLC, with some of those individual positions reported as high as $5 million. The filing says details for many THSDFS holdings were withheld under confidentiality agreements.

Several assets were disclosed without dollar amounts; those unvalued holdings appear concentrated in AI and crypto businesses. Among named crypto-related investments, the disclosure lists Blast, an Ethereum layer-two network, and notes past investments in Bitwise Asset Management, the firm behind a spot Bitcoin ETF.

Warsh pledged to divest his Juggernaut Fund and THSDFS positions if he is confirmed. An analyst at the Office of Government Ethics, Heather Jones, approved the filing, indicating Warsh would be in compliance once the pledged divestitures are complete.

The approval removes a procedural obstacle that had delayed the Senate Banking Committee from setting a hearing date; the committee had targeted April 16 but postponed the hearing while disclosures were incomplete. The panel has not formally scheduled the hearing; it could occur as soon as next week.

Senator Thom Tillis of North Carolina has announced he will block a final vote on any Federal Reserve nominee until a Justice Department inquiry involving current Fed Chair Jerome Powell is resolved. In late January, Tillis wrote, “I will oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved.” Powell’s term expires May 15.

Warsh’s disclosure is part of the standard ethics review and public reporting process for nominees to senior government posts. If the Banking Committee schedules and holds a hearing, members will question Warsh on his record, financial ties and plans to resolve potential conflicts before a committee vote could send him to the full Senate for confirmation.