The US Senate will soon consider President Donald Trump’s nominee to lead the Federal Reserve after he selected Kevin Warsh to replace Jerome Powell. The White House said it had sent Warsh’s nomination to the Senate for a four-year term as Fed chair and a 14-year term as a governor. Trump had announced the pick on social media; Powell’s chair term ends in May, though he could remain on the Board of Governors until 2028.
Warsh previously served as a Fed governor from 2006 to 2011 under Presidents George W. Bush and Barack Obama and is a Shepard Family Distinguished Visiting Fellow in Economics at Stanford’s Hoover Institution.
Warsh has made several public statements favorable to Bitcoin (BTC). In a January 2021 interview on CNBC’s “Squawk Box,” he said that for people under 40, “bitcoin is your new gold.” In a 2025 Hoover Institution interview he suggested the cryptocurrency “could provide market discipline, or […] could tell the world that things need to be fixed,” adding that “Bitcoin does not make me nervous.” He recalled meeting Marc Andreessen in 2011 and regretted not recognizing sooner how transformative the technology could be, calling Bitcoin an important asset that can help inform policymakers.
Powell’s chair term ends May 15; his governor term ends Jan. 31, 2028. Although Trump has previously threatened to fire the Fed chair, Powell is widely expected to finish his current term.
It was unclear when the Senate will vote on Warsh’s nomination. He could face opposition from many Democrats. Senate Minority Leader Chuck Schumer said in January that Republicans “must not move Mr. Warsh’s nomination forward,” arguing that Warsh must clearly commit to keeping the Fed independent from Trump’s influence or else should not be confirmed.
CFTC leadership still incomplete
Despite announcing the Fed chair pick, the White House had not sent nominations to fill positions at the Commodity Futures Trading Commission (CFTC). Michael Selig, confirmed as CFTC chair in December, remains the agency’s only commissioner; the CFTC normally has five commissioners. The regulator is expected to gain additional oversight and rulemaking authority over digital assets if a Senate market-structure bill becomes law.
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