dYdX

Kevin

Friends With Benefits

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Kevin Warsh, nominee for the Federal Reserve Board of Governors, holds extensive exposure to Web3, crypto, and adjacent financial infrastructure through venture funds and direct investments, according to his public financial disclosure.
The disclosure also shows stakes in major technology and infrastructure companies, raising potential conflict-of-interest concerns if his nomination is confirmed.
<h2 id="web3-and-crypto-exposure">Web3 and Crypto Exposure</h2>
Warsh’s indirect holdings, primarily through venture funds such as DCM Investments and affiliated vehicles, include a broad set of crypto-native and Web3 infrastructure projects:
Core DeFi / Trading / Protocols
<ul>
 <li>Compound (algorithmic lending)</li>
 <li>dYdX (decentralized derivatives exchange)</li>
 <li>Lighter (DEX protocol)</li>
 <li>Structure (blockchain trading platform)</li>
</ul>
Layer 1 / Layer 2 / Scaling
<ul>
 <li>Solana (L1 blockchain)</li>
 <li>Optimism (Ethereum scaling)</li>
 <li>Lightning Network (Bitcoin scaling)</li>
</ul>
Crypto Infrastructure / Investment / Dev Platforms
<ul>
 <li>Polychain (crypto investment firm)</li>
 <li>Scalar Capital (blockchain investment firm)</li>
 <li>Tenderly (Ethereum developer platform)</li>
</ul>
DeFi / Trading / Portfolio Infrastructure
<ul>
 <li>OneSafe (DeFi data infrastructure)</li>
 <li>Ridian (crypto portfolio automation)</li>
 <li>SkyLink (DeFi portfolio management)</li>
 <li>Eulith (crypto trading platform)</li>
 <li>Flashnet (Lightning-based trading infra)</li>
 <li>Kinetic (digital asset exchange)</li>
</ul>
NFT / Social / Consumer Web3
<ul>
 <li>Dapper Labs (NFT ecosystem)</li>
 <li>Crossmint (NFT developer tools)</li>
 <li>Match Day (sports NFTs)</li>
 <li>Friends With Benefits (Web3 community)</li>
 <li>DeSo (social crypto network)</li>
 <li>Arena (SocialFi platform)</li>
</ul>
Crypto Fintech / Banking
<ul>
 <li>OnJuno (crypto-enabled neobank)</li>
 <li>Lemon Cash (crypto financial services)</li>
</ul>
Decentralized Compute / Identity / Data
<ul>
 <li>Canvas.xyz (decentralized compute)</li>
 <li>Anon (identity layer)</li>
 <li>Vana (data ownership network)</li>
</ul>
Creator / DAO / Web3 Commerce
<ul>
 <li>CreatorDAO (creator economy DAO)</li>
 <li>Coworker AI (Web3 commerce infrastructure)</li>
</ul>
Prediction Markets
<ul>
 <li>Polymarket (prediction market)</li>
 <li>Melange (prediction markets)</li>
</ul>
Hybrid / Emerging
<ul>
 <li>Blast (Ethereum L2)</li>
 <li>Zero Gravity (AI + blockchain layer)</li>
</ul>
This breadth indicates exposure across nearly every Web3 vertical: L1/L2 infrastructure, DeFi, NFTs, developer tooling, and crypto-financial services.
<h2 id="major-non-crypto-holdings">Major Non-Crypto Holdings</h2>
Separate from crypto, Warsh also holds positions in globally recognized and high-growth technology companies:
Global Leaders
<ul>
 <li>Databricks (AI/data infrastructure)</li>
 <li>SpaceX (with xAI exposure)</li>
 <li>Coupang (public e-commerce)</li>
 <li>United Parcel Service (UPS)</li>
</ul>
Top Private / Infra Companies
<ul>
 <li>Replit (AI coding platform)</li>
 <li>Hebbia (AI knowledge platform)</li>
 <li>Render (cloud infrastructure)</li>
 <li>Fly.io (edge compute)</li>
 <li>LaunchDarkly (feature management)</li>
 <li>WorkOS (developer infrastructure)</li>
 <li>Alpaca (trading APIs)</li>
 <li>Xendit (fintech infrastructure)</li>
 <li>Bestow (insurtech)</li>
</ul>
These holdings reinforce that Warsh’s exposure is concentrated in technology infrastructure layers, not just application-level companies.
<h2 id="regulatory-implications-if-confirmed">Regulatory Implications if Confirmed</h2>
Under U.S. ethics rules, Federal Reserve officials are subject to strict conflict-of-interest requirements.
According to the filing, Warsh has already committed to divesting certain assets if confirmed.
<h3 id="likely-required-actions">Likely Required Actions</h3>
If confirmed, Warsh would typically be required to:
<ul>
 <li>Divest conflicting financial holdings
 <ul>
 <li>Particularly in financial services, crypto, and regulated markets</li>
 </ul></li>
 <li>Exit or resign from advisory and board roles
 <ul>
 <li>Includes positions across investment firms and portfolio companies</li>
 </ul></li>
 <li>Place remaining assets into compliant structures
 <ul>
 <li>Such as diversified funds or approved blind trusts</li>
 </ul></li>
</ul>
<h3 id="crypto-specific-considerations">Crypto-Specific Considerations</h3>
Given the Federal Reserve’s increasing involvement in:
<ul>
 <li>digital asset regulation</li>
 <li>stablecoin oversight</li>
 <li>financial system risk monitoring</li>
</ul>
his exposure to:
<ul>
 <li>DeFi protocols (Compound, dYdX)</li>
 <li>crypto infrastructure (Solana, Optimism)</li>
 <li>trading platforms and financial rails</li>
</ul>
would likely face heightened scrutiny.
<h2 id="timeline-and-confirmation-status">Timeline and Confirmation Status</h2>
Warsh’s nomination was formally filed in early 2026, with review underway by the Senate Committee on Banking, Housing, and Urban Affairs.
Confirmation would require:
<ul>
 <li>Senate committee approval</li>
 <li>Full Senate vote</li>
</ul>
<h2 id="bottom-line">Bottom Line</h2>
Warsh’s disclosure shows one of the broadest Web3 portfolios among senior U.S. financial nominees, spanning DeFi, L1s, NFTs, and crypto infrastructure.
If confirmed, he will likely need to:
<ul>
 <li>divest a significant portion of these holdings</li>
 <li>exit private sector roles</li>
 <li>reduce direct exposure to crypto markets</li>
</ul>
The case highlights the growing intersection between U.S. monetary policy leadership and digital asset markets.
Kevin Warsh’s complete 69-page financial disclosure (OGE Form 278e) was filed with the U.S. Office of Government Ethics on April 14, 2026. Our team has reviewed the full document, which is publicly available here: <a href="https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/F57618ED6E5F30B585258DD9002DD780/$FILE/Warsh,%20Kevin%20%20final278.pdf" rel="noopener noreferrer nofollow">Download the official filing (69 pages)</a>

Fed Nominee Warsh’s Holdings: Polymarket, Solana, dYdX, Blast, Compound, Optimism, SpaceX, AI and Crypto Projects

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