Trump officially submits to the Senate! Kevin Waugh is confirmed to succeed Powell as head of the Federal Reserve, previously praising "Bitcoin as the gold of the youth"

President Trump has officially submitted the nomination of Kevin Warsh for Federal Reserve Chair to the Senate for review. Warsh has publicly supported Bitcoin multiple times, stating, “If you’re under 40, Bitcoin is your new gold.” Jerome Powell’s term will end on May 15.
(Background: Breaking! Trump nominates Kevin Warsh to lead the Federal Reserve, increasing the probability of a June rate cut to nearly 50%)
(Additional context: Trump’s favored Fed Chair Kevin Warsh on Bitcoin: It’s not a dollar substitute but a “supervisor” of monetary policy)

President Trump formally submitted the nomination of former Fed Governor Kevin Warsh for Fed Chair to the Senate on Wednesday, initiating the process to succeed current Chair Jerome Powell. The White House announced that Warsh would be nominated as Chair of the Federal Reserve Board for a four-year term, while also serving as a Board member for fourteen years.

Powell’s term as Chair will expire on May 15, with his Board term extending until January 31, 2028. Although Trump has previously threatened to remove Powell, it is expected that Powell will serve out his full term.

“Bitcoin doesn’t make me nervous” — Warsh’s stance on crypto

Warsh served as a Federal Reserve Board member during the Bush and Obama administrations (2006-2011). After leaving, he became a distinguished visiting scholar at Stanford University’s Hoover Institution, where he publicly expressed support for Bitcoin multiple times.

In January 2021, Warsh said on CNBC’s Squawk Box:

If Bitcoin had never existed, gold’s rally would be even bigger. But I guess if you’re under 40, Bitcoin is your new gold.

Warsh believes Bitcoin “can bring discipline to the market,” and when policymakers do the right or wrong things, Bitcoin can send signals to the world — this is the core reason he views Bitcoin as a “supervisor” of monetary policy.

In a 2025 interview at Hoover Institution, he elaborated:

Bitcoin doesn’t make me nervous. I remember having dinner here in 2011 with Marc Andreessen, who showed me the Bitcoin white paper. I really wish I had understood as clearly as he did back then the transformative power of Bitcoin and this new technology.

Senate prospects: Democrats likely to oppose strongly

Warsh’s nomination may face resistance in the Senate. Senate Minority Leader Chuck Schumer publicly called on Republican senators in January to oppose Warsh’s nomination, arguing that Trump is trying to “undermine the Fed’s independence.” Schumer emphasized:

He (Warsh) must clearly state that he will uphold the Fed’s independence and not be intimidated by Trump; otherwise, he should not be confirmed.
However, with Republicans controlling the Senate, the chances of Warsh’s confirmation are still seen as relatively high by the market.

It’s worth noting that, so far, Trump has not submitted any new nominations to the CFTC (Commodity Futures Trading Commission). Michael Selig, confirmed last December, remains the sole leader of the agency, which normally has five commissioners. As the Senate advances legislation on crypto market structure that could grant the CFTC greater oversight of digital assets, concerns have arisen over leadership vacancies.