The U.S. Senate has confirmed Kevin Warsh as the next chair of the Federal Reserve. He received 54 votes in favor and 45 against.
Warsh will succeed Jerome Powell, whose term ends on May 15. The new chair will serve a four-year term, and the Senate also confirmed him as a member of the Fed's Board of Governors for a 14-year term.
Warsh previously served on the regulatory board from 2006 to 2011 and held senior positions at Morgan Stanley.
The new Fed chair is known for his favorable stance on digital currencies, having referred to Bitcoin as an "important asset" that helps authorities assess the economy's condition.
Financial reports indicate that Warsh has invested in crypto projects such as dYdX, Lighter, Polychain Capital, and Dapper Labs. He also holds tokens of Solana and Optimism.
One of the key focuses for the new Fed chair will be interest rate policy—a topic that has previously caused disagreements between Powell and President Donald Trump.
On May 12, the U.S. Bureau of Labor Statistics reported a 3.8% year-over-year increase in the Consumer Price Index (CPI). Weak CPI data triggered a decline in risk positions in Bitcoin derivatives, with open interest on major crypto exchanges dropping by nearly $1.25 billion.
Recall that in January, Powell revealed that the U.S. Department of Justice had threatened him with criminal prosecution due to testimony given in Congress in June 2025.