Kevin Warsh was sworn in as Fed chair on Friday as Bitcoin trades near $77,400. Summary Warsh took the oath from Supreme Court Justice Clarence Thomas at a White House ceremony, succeeding Jerome Powell. The Senate confirmed Warsh 54-45, with only Democrat John Fetterman crossing party lines to support the nomination. Bitcoin held near $77,400 as traders had largely priced in the leadership transition ahead of Warsh’s first FOMC meeting in June. Kevin Warsh was sworn in as the 17th Federal Reserve chair at a White House ceremony on Friday, becoming the first Fed leader to take the oath at the executive mansion since Alan Greenspan in 1987. Supreme Court Justice Clarence Thomas administered the oath. Warsh, 56, succeeds Jerome Powell, who held the position since 2018 and will remain on the Fed board as a governor until 2028. The Senate had confirmed Warsh on May 13 in a narrow 54-45 vote, with Democratic Senator John Fetterman as the only crossover. What Warsh’s arrival means for crypto markets “Our mandate at the Fed is to promote price stability and maximum employment,” Warsh said after being sworn in. “When we pursue those aims with wisdom and clarity, independence and resolve, inflation can be lower, growth stronger, real take-home pay higher.” Warsh pledged to lead a “reform-oriented Federal Reserve” and vowed he would never predetermine interest rates at any elected official’s request. President Trump, who had repeatedly attacked Powell over rate policy, told attendees he wants Warsh to be “totally independent.” Bitcoin (BTC) held near $77,400 during Friday’s session, largely unchanged. Markets have been pricing in the leadership transition for weeks, with traders focused on Warsh’s first FOMC meeting scheduled for June 17. Why Bitcoin traders are watching the balance sheet Warsh is widely considered the most crypto-literate Fed chair in history. His financial disclosure revealed indirect holdings across DeFi lending, Layer 1 networks, and prediction markets before he pledged full divestiture. But his policy instincts may complicate the outlook for risk assets. Warsh has said the Fed’s balance sheet is too large and should shrink, a stance that could tighten liquidity conditions that historically fuel crypto rallies. Markets are currently pricing near-zero odds of a June rate cut, with some traders betting on hikes in early 2027. Warsh takes over at a moment of persistent inflation above the Fed’s 2% target, elevated oil prices above $100 per barrel, and consumer sentiment near historic lows. His first policy decision will test whether the most crypto-friendly Fed chair can deliver anything beyond symbolic support in a macro environment that leaves little room for easing.
