Kevin Warsh is wasting no time reshaping the Federal Reserve in his image. The newly sworn-in chairman has appointed Paul Winfree and Daniel Heil as interim advisers, tapping two conservative policy minds to help steer what Warsh has repeatedly framed as a “regime change” at the central bank.

The appointments, made on June 2, come just 11 days after Warsh took the oath of office on May 22. The Senate confirmed him on May 13 in a largely party-line vote.

Who are the new advisers

Paul Winfree is the higher-profile name. He authored the Federal Reserve chapter in Project 2025, the Heritage Foundation’s sprawling policy blueprint that became a lightning rod during the 2024 election cycle. His vision for the Fed centers on structural reform, including significant balance sheet reduction and tighter monetary discipline.

Winfree has been publicly critical of the Fed’s role in what he describes as wealth concentration toward financial markets.

He and Warsh aren’t strangers. The two have previously collaborated on economic research through conservative think tanks.

Daniel Heil is the quieter appointment. He comes from the Hoover Institution at Stanford, where Warsh himself held a distinguished visiting fellowship after his first stint as a Fed governor from 2006 to 2011. Heil’s role, like Winfree’s, is categorized as interim, focused on policy analysis and planning during the transition period.

Neither adviser has been named to a permanent staff position. Warsh has not made decisions regarding permanent roles yet.

The crypto angle hiding in plain sight

These adviser appointments don’t mention digital assets at all. But Warsh’s personal financial disclosures tell a different story entirely.

The new Fed chairman holds investments in more than 30 crypto-related projects, including positions in Solana and Bitcoin. No previous Fed chair has entered the role with anything remotely resembling that kind of exposure to digital assets.