Trump officially nominates Federal Reserve Chair candidate! Woz: Bitcoin is the new gold

The Trump administration has officially submitted Kevin Warsh’s nomination for Federal Reserve Chair to the U.S. Senate, for a four-year term, while also serving as a Federal Reserve Board member for fourteen years. This former Fed official, who has publicly expressed support for Bitcoin, is a popular candidate to succeed Jerome Powell. Public statements like “Bitcoin is the new gold for young people” have generated high expectations in the crypto market for this leadership change.

Official Nomination: Four-Year Chair Term, Fourteen-Year Board Seat

(Source: White House)

On Wednesday, the White House announced that Trump has submitted Warsh’s nomination for Senate review. According to the statement, Warsh will serve as Chair of the Federal Reserve Board for four years and as a Board member for fourteen years, effective February 1, 2026.

This comes more than a month after Trump first announced the candidate on social media on January 30. The formal submission of the nomination initiates the constitutional process, requiring the Senate to hold a confirmation hearing and ultimately vote to confirm the appointment.

Warsh is not new to policy circles. He previously served as a Federal Reserve Board member from 2006 to 2011, spanning the Bush and Obama administrations. After leaving, he became a distinguished visiting economist at Stanford University’s Hoover Institution, with extensive experience in academia and policy.

Current Fed Chair Jerome Powell’s term will expire on May 15 of this year. Although Trump previously threatened to dismiss him, it is widely expected that Powell will serve out the remainder of his term and may continue as a Board member until January 31, 2028.

“Bitcoin Doesn’t Make Me Nervous” — Warsh’s Crypto Stance Fully Explained

Among past Fed chair candidates, Warsh is the most outspoken supporter of Bitcoin. His multiple public comments have drawn unprecedented attention from the crypto market regarding this leadership transition.

Key Crypto Statements by Warsh

2021 CNBC Interview: “If Bitcoin had never existed, gold would be worth more now, but if you’re under 40, Bitcoin is your new gold.”

2025 Hoover Institution Interview: “Cryptocurrencies can provide market discipline… they can tell the world that some things need improvement.”

On Bitcoin’s Core Position: “Bitcoin doesn’t make me nervous. I see it as an important asset that can help policymakers judge whether their policies are correct.”

These statements reveal Warsh’s consistent thinking: Bitcoin is not a threat to be suppressed but a “market stress test” for monetary policy. For the Fed, this stance suggests that digital assets’ functional role in the modern monetary system may finally receive official recognition at the highest levels of leadership.

Democratic Resistance: The Independence of the Fed as the Main Battleground

Warsh’s confirmation process will not be smooth. Senate Minority Leader Chuck Schumer has already voiced opposition, warning in January that given Trump’s attempts to “undermine the Fed’s independence,” Republican senators “must not advance Warsh’s nomination.”

Schumer set a clear confirmation threshold: “Warsh must publicly guarantee that he will defend the Fed from political interference by the Trump administration; otherwise, he cannot be confirmed.”

The core political contest in this confirmation vote is not just about Warsh’s credentials or crypto stance but about the fundamental issue of “Fed independence.” Given the tense relationship between the current government and the Fed, the Senate vote’s outcome will significantly influence U.S. monetary policy in the coming years and impact the broader crypto asset market.

CFTC Regulatory Vacuum: Another Unresolved Time Bomb

It is noteworthy that, although Trump has formally submitted the Fed Chair nomination, as of this week, he has not yet sent any nominations for the Commodity Futures Trading Commission (CFTC).

The CFTC typically has five commissioners, but currently only Michael Selig, confirmed last December, is serving as Chair, creating a serious regulatory vacuum. This is especially critical for digital asset regulation—if the Market Structure Bill currently under review by the Senate passes, the CFTC is expected to gain broader authority to oversee and enforce crypto assets. The vacancy at the Fed Chair and the empty CFTC positions represent two parallel regulatory gaps, making the current U.S. crypto policy framework particularly fragile.

Frequently Asked Questions

Q: What is Kevin Warsh’s stance on Bitcoin?
Warsh has publicly stated that Bitcoin has asset properties similar to gold and believes cryptocurrencies can serve as a market discipline tool to evaluate monetary policy effectiveness. He describes Bitcoin as “an important asset” that can help policymakers judge whether their decisions are correct.

Q: What confirmation procedures are required for the Fed Chair nomination?
According to the U.S. Constitution, the President nominates the Fed Chair, who must then undergo a hearing before the Senate Banking Committee and be confirmed by the full Senate. Once the nomination is formally delivered to the Senate, the review schedule is determined by Senate leadership, with no specific timeline announced.

Q: Will Powell remain on the Fed after his term ends?
Powell’s term as Fed Chair will expire on May 15, 2025, but his Board membership can continue until January 31, 2028. Although Trump previously threatened to dismiss Powell, it is expected that he will serve out the remaining term as a Board member.