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The US Senate has approved Kevin Warsh as the newest governor of the Federal Reserve, with a vote on his confirmation as chair of the central bank expected this week.<\/p>\n
In a 51 to 45 vote in the US Senate on Tuesday, lawmakers sided<\/a> on party lines, with the exception of Democratic Senator John Fetterman, to approve President Donald Trump\u2019s nominee. The chamber immediately followed by approving a motion to invoke cloture on a vote for Warsh as the next Fed chair, setting up a potential vote soon.<\/p>\n Source: <\/em>US Senate<\/em><\/a><\/p>\n The vote confirmed Warsh as a Fed governor for 14 years, and is expected to lead to lawmakers voting on his nomination for a four-year term as Fed chair. He previously served as a Fed governor under former US Presidents George W. Bush and Barack Obama from 2006 to 2011.<\/p>\n Jerome Powell, whose term as Fed chair ends on Friday, has faced Trump’s repeated threats to fire him. His term as a Fed governor will continue until 2028, but the shakeup in the leadership of the US central bank has the potential to move markets<\/a> amid concerns over changing interest rates and the Fed\u2019s independence from the White House\u2019s policies.\u00a0<\/p>\n Related: <\/strong><\/em>Federal Reserve chair nominee’s disclosure includes crypto and AI holdings<\/strong><\/em><\/a><\/p>\n Warsh said<\/a> in a 2025 interview that Bitcoin (BTC<\/a>) was a \u201ctransformative\u201d technology and \u201can important asset that can help inform policymakers.\u201d During his confirmation hearing in the Senate Banking Committee, however, many Democrats questioned whether as Fed chair<\/a> he could remain independent from the president\u2019s policy agenda.<\/p>\n The vote on the nomination came the same week that US lawmakers on the Senate Banking Committee will choose whether to advance a digital asset market structure bill expected to change oversight and regulation of cryptocurrencies. On Monday, the panel’s leadership released the text of its version<\/a> of the Digital Asset Market Clarity Act (CLARITY), that included a compromise provision on stablecoin yield that had long been a sticking point for many in the crypto and banking industries.<\/p>\n On Thursday, the banking committee will hold a markup on CLARITY, potentially setting the bill up for a vote in the full Senate.<\/p>\n Magazine: <\/strong><\/em>XRP \u2018probably going to $12,\u2019 Bitcoin ETFs add $1B: Market Moves<\/strong><\/em><\/a><\/p>\n<\/div>\nCrypto market structure bill markup scheduled for Thursday<\/h2>\n