Kevin Walsh, what is your connection with Crypto?
Written by Karen, Foresight News
On November 12, Beijing time, the Wall Street Journal quoted people familiar with the matter as saying that US President-elect Trump is considering appointing former Federal Reserve Board member Kevin Warsh as Treasury Secretary. The news also revealed that Kevin Warsh may be nominated as Federal Reserve Chairman after the current Federal Reserve Chairman Jerome Powell's term ends in 2026.
Some people familiar with the matter said Trump is considering appointing Scott Bessent to lead the White House Economic Council and will nominate Scott Bessent as Treasury Secretary later in his term if Kevin Warsh becomes Federal Reserve Chairman.
On Polymarket, in the prediction market for "Who will Trump choose as Treasury Secretary?", Kevin Warsh's chances of winning have risen to 52%, while Scott Bessent's is 29%.
The Wall Street Journal cited a person familiar with the matter as saying that during the meeting on Wednesday, Trump also asked Kevin Warsh about his past positions on tariffs. Kevin Warsh has previously criticized trade protectionism policies. In a 2018 Wall Street Journal article, hearticleIt said that Trump's tariff plan may lead to so-called "economic isolationism" in the United States, which will cause great damage to the prospects for economic growth.
In fact, Kevin Warsh, who was considered as a candidate for the leadership of the Federal Reserve during Trump's first term, has once again entered Trump's vision as a potential candidate for Treasury Secretary and may succeed Powell as Fed Chairman in the future. This move may not only have a profound impact on US economic policies, but also on financial markets and evencryptocurrencyThe field triggered a series of fluctuations.
Who is Kevin Warsh?
Kevin Warsh was born in Albany, New York, USA in 1970. He studied public policy at Stanford University, focusing on economics and statistics, and received a bachelor's degree with honors in 1992. Kevin Warsh then entered Harvard Law School for further studies, focusing on the intersection of law, economics and regulatory policy, and received a law degree in 1995. In addition, he completed courses on market economics and debt capital markets at Harvard Business School and MIT Sloan School of Management.
Kevin Warsh joined Morgan Stanley & Co. in New York in 1995 in the Mergers and Acquisitions Department, where he served as financial advisor to a variety of companies in a variety of industries, including manufacturing, basic materials, professional services and technology. In addition, he helped structure capital markets transactions and facilitated fixed income and equity financings.
Kevin Warsh resigned from his position as Vice President and Executive Director of Morgan Stanley to join the George W. Bush Administration in February 2002. He served as Special Assistant to the President for Economic Policy and Executive Secretary of the National Economic Council. Kevin Warsh advises the President and senior administration officials on issues related to the U.S. economy, particularly in the areas of capital market flows, securities, banking, and insurance.
During this period, he alsoXiaobai NavigationHe is a member of the President's Working Group on Financial Markets. In 2006, President Bush nominated Kevin Warsh to serve as a member of the Federal Reserve Board (until 2011). At the time, Kevin Warsh was only 35 years old and was the youngest member of the Federal Reserve Board.
Kevin Warsh is currently a visiting fellow at the Hoover Institution at Stanford University and a lecturer at the school's business school.
It is worth mentioning that according to Politico in 2017ReportKevin Warsh's father-in-law, Ronald Lauder, has been a close friend of Trump for decades and the heir to the cosmetics giant Estee Lauder. Trump even collaborated with Estee Lauder in 2004 to launch a cologne called "Donald Trump Eau de Parfum."
What was Kevin Warsh's previous position on economic and financial policy?
As mentioned above, Kevin Warsh is an expert with extensive experience and deep background in finance and public policy. His career covers a wide range of fields from academia, finance to government. What was Kevin Warsh's previous position in the field of economics and financial policy?
In terms of monetary policy stance, Kevin Warsh has criticized the Fed's long-term quantitative easing policy. He believes that this policy may lead to an overly loose monetary environment, which in turn may trigger inflation or financial market bubbles. Kevin Warsh also advocates that the Fed should maintain the independence of its policies and should not be influenced by political pressure, which is in contrast to Trump's practice of exerting influence on the Fed.
In terms of economic growth and trade policy, Kevin Warsh has always been an advocate of free trade, emphasizing the importance of free trade as the glue connecting the global economy and believing that free trade is crucial to economic growth and global economic stability.
In addition, Kevin Warsh also advocates controlling fiscal spending and opposes a substantial increase in the debt burden, believing that this may have a negative impact on US economic growth.
What is Kevin Warsh's connection with Crypto?
Kevin Warsh is cautious about the volatility of Bitcoin and most stablecoins, but is open to wholesale central bank digital currencies (CBDCs). Back in 2018, Warshexpress,"ifcryptocurrencyandBlockchainIf technology is indeed the future of money, then the world’s central banks need to get involved. If he returns to the Fed, he will appoint a team to consider creating Fedcoin.”
In March of the same year, Kevin Warsh published an article in the Wall Street JournalComment on articleWrote,cryptocurrencyIts price volatility has greatly reduced its usefulness as a reliable unit of account or efficient means of payment. But a new generation of cryptocurrencies is about to emerge, some of which may have more monetary properties and better serve the purposes for which Bitcoin was created.
Kevin Warsh has also invested in two Crypto companies or projects as an investor. In 2018, he invested in the algorithmic stablecoin project Basis (formerly Basecoin, now defunct), and invested in crypto index fund management company Bitwise in 2021. Among them, BasisFinish$133 million in financing, with investors including Bain Capital Ventures, GV, Stanley Druckenmiller, Kevin Warsh, Lightspeed, Foundation Capital, Andreessen Horowitz, etc. Bitwise websiteThe company still lists Kevin Warsh as an advisor and investor.
In November 2022, Kevin Warsh publishedMoney Matters: The US Dollar, Cryptocurrency, and the National Interest” article, which believes that “cryptocurrency is not mysterious, it is not money, but software. The emergence of stablecoins makes this revolutionary new software more like money. By improving operational efficiency, a small number of stablecoins may become of great value. However, most stablecoins will be worthless. The Federal Reserve should establish a wholesale digital currency that will improve the economic and political position of the United States while ensuring that volatility does not jeopardize the dominance of the dollar. The United States and its allies need sound and stable currencies more than ever to get out of a period of weak output, high inflation, and geopolitical confrontation. A narrow, resilient, and efficient digital dollar backed by the full trust and credit of the United States should be an important part of the reform of the U.S. financial and monetary architecture.”
summary
Kevin Warsh's potential appointment could have far-reaching implications for both U.S. economic policy and the financial markets and Crypto industry. Market participants and cryptocurrency enthusiasts need to pay close attention to his policy moves and possible regulatory changes.
If Kevin Warsh can influence Trump's trade policy, it may make the US trade policy more open and stable, which is beneficial to global trade and economic growth. And Kevin Warsh's appointment may also bring confidence to investors, but there will also be concerns about whether his policies can be integrated with Trump's economic ideas.
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