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. U.S. Attorney for the District of Columbia Jeanine Pirro announced on Friday that she would be closing the investigation, which was brought earlier this year over allegations of false statements about the renovation of the Federal Reserve’s headquarters.
Warsh’s Pro-Crypto Senate Testimony
The timing of the DOJ decision follows Warsh’s testimony before the Senate Banking Committee during his nomination hearing. During that hearing, Warsh, who has dozens of crypto investments including dYdX and Dapper Labs, outlined his approach to digital assets. When asked if digital assets were incorporated into the financial industry, Warsh responded that they were “already part of the fabric of our financial services industry in the United States.”
Political Path Forward
The DOJ’s decision to drop the investigation removes a key obstacle to Warsh’s confirmation. Senator Thom Tillis, R-N.C., a member of the Senate Banking Committee whose vote is essential for passing Warsh’s nomination, had previously called for the investigation to end during the hearing. Tillis told Warsh he liked him but could not vote for his nomination until the probe was dropped.
Potential Crypto Legislation Momentum
Observers have noted that clearing Warsh’s nomination could create momentum for broader crypto market legislation. A crypto bill has been stuck in the Senate Banking Committee over the past year. In a post on Friday on X, Grayscale Head of Research Zach Pandl suggested that after the Senate Banking Committee confirms Warsh, it could move ahead with a markup for the Clarity Act. “This is how dominos will fall for CLARITY Act imho,” Pandl said.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Olenox Announces Merge With CS Digital to Develop Low Cost, Off-Grid Bitcoin Mining Opportunities
The two companies would agree to merge, with CS Digital receiving $55 million in an all-share transaction, to combine Olenox’s energy expertise with CS Digital’s expertise in bitcoin mining. The combined company would seek to develop off-grid mining and AI data center initiatives close to
Coinpedia22m ago
Bitcoin Spot ETFs Record $144.49M Net Inflows for 9 Consecutive Days, BlackRock IBIT Leads
Gate News message, April 26 — Bitcoin spot ETFs recorded total net inflows of $144.489 million on April 25, extending a streak of nine consecutive days of positive flows, according to SoSoValue data.
BlackRock's IBIT led all funds with single-day net inflows of $22.879 million, bringing its
GateNews22m ago
Bitcoin Community Questions U.S. Military's Understanding of Bitcoin, Admiral Criticized for "Reading Wikipedia"
Gate News message, April 26 — U.S. Navy Admiral Samuel Paparo told the Senate Armed Services Committee on Tuesday that the U.S. government operates a Bitcoin node, prompting members of the Bitcoin community to question the government's understanding of the network. Paparo described Bitcoin as "a com
GateNews2h ago
SEC Chair Paul Atkins Announces Digital Asset Classification Framework with CFTC
Gate News message, April 26 — U.S. Securities and Exchange Commission Chair Paul Atkins has reaffirmed efforts to advance "Project Crypto" and announced a joint initiative with the Commodity Futures Trading Commission (CFTC) to establish a digital asset classification framework that will clarify
GateNews2h ago
BlackRock IBIT Bitcoin Options Open Interest Surpasses Deribit for First Time
Gate News message, April 26 — BlackRock's Bitcoin spot exchange-traded fund IBIT saw its options open interest (OI) reach $27.61 billion, surpassing crypto derivatives platform Deribit's Bitcoin options market OI of $26.9 billion for the first time. The milestone signals accelerating institutional a
GateNews3h ago
CEX Exploiter Converts 21,000 ETH Worth $48.72M to Bitcoin Over Three Days
Gate News message, The CEX Exploiter has exchanged 21,000 ETH valued at $48.72 million for 617.43 BTC at a price of $0.0294 over the past three days. The hacker currently holds 1,000 ETH worth $2.32 million.
GateNews4h ago
