#CryptoMarketsDipSlightly

Kevin Warsh Approved by Senate Committee as New Fed Chair, Awaiting Final Vote

The U.S. Senate Banking Committee officially approved Kevin Warsh's nomination as the next Federal Reserve Chair (Fed) on Wednesday (29/4) local time. This decision brings Warsh one step closer to replacing Jerome Powell, whose term ends on May 15. The nomination has now been forwarded to the full Senate for a final vote to determine the new leadership of the U.S. central bank.
​The approval at the committee level was temporarily delayed due to objections from Republican Senator Thom Tillis, but the obstacle was overcome last week. However, Warsh's nomination still faces sharp criticism from the Democratic camp. Senator Elizabeth Warren openly stated that the progress of Warsh's confirmation was an effort by President Donald Trump to take control over the Federal Reserve's independence.
​The market is currently monitoring the final Senate vote results. If confirmed, this leadership transition will immediately impact the direction of U.S. monetary policy, as well as influence dollar liquidity and risk asset sentiment, including cryptocurrencies. Industry players hope that the final vote will provide clarity before the official transition of power in mid-May.