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Home/Markets & Investing/STABLECOIN REGULATION · CRYPTO IRS RULING

Fed Chair Nominee Kevin Warsh Faces Recusal Constraints Over Crypto Venture Portfolio

OT

Orion Thornton

stablecoin regulation · Apr 15, 2026

Fed Chair Nominee Kevin Warsh Faces Recusal Constraints Over Crypto Venture Portfolio

Source: DojiDoji Data Terminal

Kevin Warsh will be required to recuse himself from matters directly affecting DeFi protocols, crypto neobanks, and bank crypto custody guidance for one year. The requirement stems from federal ethics rules that mandate a one-year cooling-off period for matters directly affecting recent financial interests.

Related Brief5h ago
tax law

The PARITY Act would eliminate capital gains taxes on regulated stablecoin payments

Sellers of regulated stablecoin payments would recognize no gain or loss under the new draft of the Digital Asset PARITY Act. The bipartisan proposal, led by Representatives Steven Horsford and Max Miller, would treat routine spending with dollar-pegged stablecoins as non-taxable events. To qualify, a stablecoin must be issued by an authorized entity and maintain its peg within 1% for at least 95% of trading days over the prior 12 months. The bill would deem the taxpayer's basis to be $1 per unit, ignoring fluctuations within a $0.99 to $1.01 band. This shift would align regulated payment stablecoins with foreign currency rules. Current IRS guidance classifies stablecoins as digital assets taxed as property, meaning every use of USDC or USDT to buy goods triggers a reportable capital gain or loss event.

Warsh, President Trump's nominee to chair the Federal Reserve, disclosed equity positions in more than a dozen blockchain and digital asset companies through a web of venture fund structures. His holdings include stakes in Solana, Optimism, and the Lightning Network, as well as positions in Polychain and Scalar Capital. He also holds over $100 million in Juggernaut Fund LP and positions in THSDFS LLC valued between $1 million and $5 million individually.

Related Brief12h ago
banking regulation

Stablecoin Rewards May Cost Iowa Community Banks $8.7 Billion in Lending Capacity

Community banks in Iowa may lose $8.7 billion in lending capacity due to deposit shifts toward reward-bearing stablecoins. The American Bankers Association warns that these incentives would accelerate deposit outflows from the banking sector. This risk is the primary sticking point in the U.S. Congress's debate over the CLARITY Act. The current regulatory plan bans stablecoin issuers from directly paying passive yield—interest paid simply for holding a balance. Third-party platforms, such as Coinbase, can offer activity-tied incentives tied to transactions, payments, or platform engagement. The SEC, CFTC, and Treasury must jointly define permissible reward structures and anti-evasion rules within 12 months of enactment. The American Bankers Association estimates that the reduction in lending due to these deposit shifts could reach as much as $8.7 billion in Iowa alone.

Warsh has pledged to divest the majority of these holdings to clear the bureaucratic hurdles before his confirmation hearing. Once he is appointed as Fed Chair, he would oversee stablecoin regulation, bank crypto custody policy, and central bank digital currency decisions.

Related BriefJust now
crypto etfs

Goldman Sachs seeks SEC approval for Bitcoin income-generating ETF

Investors can gain indirect exposure to Bitcoin with regular income generation through a proposed new fund. Goldman Sachs filed a prospectus with the US SEC on April 14 for the Goldman Sachs Bitcoin Premium Income ETF. The fund will invest in Bitcoin exchange-traded products and derivatives. It will use options strategies, such as selling call options, to earn premiums.

stablecoin regulationcrypto IRS rulingcrypto money laundering enforcement

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