The U.S. Senate officially confirmed Kevin Warsh yesterday as the next Chair of the Federal Reserve (Fed). He will officially replace Jerome Powell and assume office starting tomorrow.
Warsh takes over at a particularly challenging time for the economy. Due to rising energy prices driven by the Iran conflict, U.S. inflation climbed to 3.8% in April, marking the highest level in the past three years.
Meanwhile, President Donald Trump is pushing for aggressive interest rate cuts, while analysts believe the Federal Reserve may need to keep rates steady in the near term.
The good news for the crypto industry is that Kevin Warsh is considered one of the most crypto-friendly Fed chairs. He has previously invested in several crypto projects, supports the Clarity Act bill, and has even referred to Bitcoin as “the new gold.”
