The U.S. Department of Justice has dropped its criminal investigation into Federal Reserve Chair Jerome Powell, clearing the way for the Senate to confirm incoming central bank chair Kevin Warsh, according to an announcement by U.S. Attorney for the District of Columbia Jeanine Pirro on Friday. The investigation, which alleged false statements about the renovation of the Federal Reserve’s headquarters, had become a potential obstacle to Warsh’s nomination.
Warsh’s Senate Hearing and Crypto Stance
The DOJ’s decision comes just days after Warsh testified before the Senate Banking Committee during his nomination hearing. During that hearing, Warsh, who holds dozens of crypto investments including dYdX and Dapper Labs, addressed how he would view digital assets if confirmed as Fed chair. When asked whether digital assets were incorporated into the financial industry, Warsh responded affirmatively, stating that they were “already part of the fabric of our financial services industry in the United States.”
Political Implications for Nomination
The investigation’s closure removes a key hurdle to Warsh’s confirmation. During the hearing, Sen. Thom Tillis, R-N.C., a member of the Senate Banking Committee whose vote is essential for passing Warsh’s nomination, had called for the investigation to end. Tillis told Warsh he liked him but could not vote for his nomination until the probe was dropped. With the DOJ’s announcement, Tillis’s stated condition for support has been satisfied.
Potential Pathway for Crypto Legislation
Observers have suggested that clearing Warsh’s nomination could create momentum for broader crypto market legislation. The Senate Banking Committee has been considering the Clarity Act, a bill that has remained stalled in committee over the past year. In a Friday post on X, Grayscale Head of Research Zach Pandl indicated that after the Senate Banking Committee confirms Warsh, it could advance to a markup for the Clarity Act, stating: “This is how dominos will fall for CLARITY Act imho.”
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