Warsh, sworn in as the 17th Chair of the Federal Reserve on May 22, 2026, held his first FOMC meeting on June 17 and chose to keep interest rates unchanged. The federal funds target range sits at 3.5% to 3.75%.

A new sheriff with a crypto wallet

Warsh’s financial disclosures revealed personal holdings in digital assets valued between $100M and $200M, making him the first central bank leader in US history with a meaningful stake in crypto.

He has publicly called Bitcoin a “sustainable store of value.”

Warsh has also been critical of parts of the broader cryptocurrency landscape. He’s opposed retail central bank digital currencies while expressing support for private-sector stablecoin initiatives.

His Senate confirmation on May 13, 2026, was far from a coronation. The vote split 55-45.

The economic backdrop is messy

Core inflation is running at approximately 3.3%, well above the Fed’s 2% target. The labor market remains resilient. And geopolitical tensions, particularly tied to Middle East conflicts, are adding another layer of unpredictability to the outlook.

Warsh has described his approach as a “regime change” at the Fed, including a sweeping review of the institution’s operational strategies and a revised stance on forward guidance.

Some traders are pricing in greater than 90% odds of a rate hike by October 2026.

Bitcoin caught in the crossfire

Bitcoin slipped to a range of $62,000 to $67,000 in mid-June 2026 as shifting rate expectations weighed on risk assets across the board.

For stablecoin projects, Warsh’s stance is more straightforwardly positive. His support for private-sector stablecoins, combined with opposition to a retail CBDC, could accelerate the regulatory framework that issuers like Circle and Tether have been pushing for.