President Donald Trump has nominated Kevin Warsh to serve as Chairman of the Board of Governors of the Federal Reserve System (the “Fed”), the main governing body of the U.S. central bank.
If confirmed, Warsh would succeed Jerome Powell, whose term as Chair is scheduled to conclude in May 2026.
Career snapshot
What does the Board of Governors do?
The Board of Governors of the Fed is the main governing body of the U.S. central bank. It is responsible for guiding monetary policy, supervising and regulating banks, and helping maintain the stability of the financial system.
The Chair of the Board plays a central role in setting the agenda, representing the Fed publicly, and working with other policymakers to determine interest rate policy and broader economic strategy.
Position on crypto
Warsh has commented publicly on Bitcoin and digital assets in the context of broader financial markets and monetary policy, including describing Bitcoin as an “important asset” and “sustainable store of value like gold.” He has acknowledged crypto’s growing presence and has discussed digital assets as part of wider conversations about innovation, risk, and the global financial system.
Why this nomination matters
The Fed has several key roles under the GENIUS Act:
The Fed also oversees Federal Master Accounts and the proposed “Skinny” Master Accounts, which give eligible institutions a direct connection to Fed payment rails, allowing them to clear and settle payments without reliance on correspondent banks. Many crypto companies have pursued or are pursuing such accounts.
The Chair of the Fed plays a central role in how monetary policy is communicated and implemented. Working with other governors and regional Federal Reserve Bank presidents, the Chair helps guide decisions that affect inflation, employment, and financial conditions across the economy.
What comes next
Warsh’s nomination will now move to the U.S. Senate confirmation process, which includes hearings and a vote.