The U.S. Senate confirms Kevin Warsh as a member of the Federal Reserve Board

According to Odaily, the US Senate has confirmed Kevin Warsh as a member of the Federal Reserve Board of Governors, with 51 votes in favor and 45 against. Pennsylvania Senator John Fetterman was the only Democratic senator to support him. Kevin Warsh, who is 56 years old, will also face a separate Senate vote as a candidate for Chair of the Federal Reserve.

Current Chair Jerome Powell's eight-year term will expire this Friday. During the ongoing federal investigation into the renovation of the Federal Reserve headquarters, Jerome Powell plans to continue serving on the Board of Governors.

Kevin Warsh has previously held investments in cryptocurrency and blockchain companies and has promised to largely divest these holdings. As the Federal Reserve considers regulatory rules related to stablecoins, crypto asset custody by banks, and digital payment systems, this background makes him a senior Federal Reserve official familiar with the digital asset sector.