President Donald Trump has formally sent Kevin Warsh’s nomination to the U.S. Senate to become the next chair of the Federal Reserve, setting up a confirmation fight over the central bank’s leadership. The White House filed the nomination for a four-year Fed chair term and simultaneously for a 14-year term as a member of the Board of Governors. Trump announced the pick on social media; Jerome Powell’s current chair term expires in mid-May, though he could remain on the board until January 2028.
Warsh is no stranger to the Fed. He served as a governor from 2006 to 2011 under Presidents George W. Bush and Barack Obama, and he is currently the Shepard Family Distinguished Visiting Fellow in Economics at Stanford’s Hoover Institution.
Notably, Warsh has spoken favorably about Bitcoin in public remarks. In a January 2021 appearance on CNBC’s Squawk Box he said that for people under 40, “bitcoin is your new gold.” In a 2025 interview with the Hoover Institution, he suggested Bitcoin could impose market discipline and signal where policy or market structures need fixing, and added that “Bitcoin does not make me nervous.” Warsh has also said he regrets not recognizing earlier, after meeting entrepreneur Marc Andreessen in 2011, how transformative the underlying technology could be. He has described Bitcoin as an important asset that can help inform policymakers.
Powell’s chair term ends on May 15; his appointed term as governor runs through Jan. 31, 2028. Despite past public threats by Trump to remove the Fed chair, Powell is widely expected to serve out his current board term.
The timing of a Senate vote on Warsh’s confirmation is unclear. Democrats may present significant opposition. Senate Minority Leader Chuck Schumer has urged Republicans to withhold moving the nomination forward unless Warsh explicitly commits to preserving Fed independence and resisting political interference.
Meanwhile, the administration has not submitted nominations to fill out the Commodity Futures Trading Commission (CFTC), leaving the agency with just one confirmed commissioner. Michael Selig, confirmed as CFTC chair in December, remains the sole commissioner on a commission normally composed of five members. The CFTC’s role could grow if a pending Senate market-structure bill becomes law, potentially expanding its oversight and rulemaking authority over digital assets.
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