Donald Trump · Kevin Warsh · Federal Reserve (FED) · Jerome Powell · US Senate · Polymarket · Decrypt
Crypto-Friendly Kevin Warsh Confirmed as Fed Chair to Replace Jerome Powell
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The U.S. Senate confirmed Kevin Warsh on Wednesday as the next chair of the Federal Reserve, clearing a pathway for him to take over the central bank’s reins.
Key facts
- Following months of tension marked by President Donald Trump’s pressure campaign against Fed Chair Jerome Powell, lawmakers voted 54-45 in favor of Warsh
- On Myriad, a prediction market owned by Decrypt ’s parent company Dastan, traders penciled in a 3.7% chance of the Fed lowering interest rate by 25 basis points before July
- The price of Bitcoin was little changed following Warsh’s confirmation, hovering around $79,500, according to CoinGecko
- Lower interest rates tend to buoy risk assets like stocks and crypto, and on Tuesday, inflation numbers showed that consumer price rose 3.85% in the 12 months through April
Summary
The U.S. Following months of tension marked by President Donald Trump’s pressure campaign against Fed Chair Jerome Powell, lawmakers voted 54-45 in favor of Warsh. Although Warsh has called some crypto projects fraudulent and worthless, he disclosed earlier this year investments in crypto-native projects such as Polymarket and Solana. The price of Bitcoin was little changed following Warsh’s confirmation, hovering around $79,500, according to CoinGecko. Cynthia Lummis (R-WY) was among pro-crypto politicians that welcomed the Senate’s confirmation of Warsh.