Trump Nominates Kevin Warsh for Fed Chair While a European Lender Embraces Digital Assets

TL;DR

• Trump's next Fed Chair pick embraces Bitcoin and wants to reform the Federal Reserve.

• ING Germany enables retail customers to invest in Bitcoin and crypto ETPs. 

Trump's Next Fed Chair Pick Likes Bitcoin And Wants to Rethink the Fed’s Approach 👀

The topic of a new Fed Chair has been on the table for a while now (and not without controversy between President Trump and Jerome Powell). 

Nevertheless, Powell's tenure as Fed Chair will end in May, and this week we learned who will replace him.  

In typical Trump fashion, the president announced his pick, Kevin Warsh, on his Truth Social account. 

Warsh is known in Federal Reserve circles, as he served on the Fed's board as a governor from February 2006 to March 2011. 

He is reportedly calling for “regime change” and has questioned past steps such as quantitative easing. He has also argued that the Fed should be more accountable and shrink its footprint, and is generally considered hawkish.

In a recent CNBC interview, Warsh made remarks many interpreted as supportive of Bitcoin, describing it as “the new gold for anyone under 40.

While many in the Bitcoin circles welcomed Warsh's nomination, the markets seemed to react differently. 

On the day of the announcement, silver and gold sold off sharply, and Bitcoin dropped by more than 7% to under $78,000. 

The U.S. Dollar saw a positive turn following the announcement, halting a slide that had intensified last Tuesday. That day, the U.S. currency declined the most since April 2025.

Confirmation of Trump's nominee as the new Fed Chair remains uncertain. Warsh will face questioning before a Senate Banking Committee hearing. 

Given Trump's ongoing dispute with Powell, a potentially drawn-out debate among lawmakers from both parties could ensue over Warsh's approval.

Nevertheless, with Warsh potentially becoming the next Fed Chair, someone who wants to change the way the central bank operates and who sees Bitcoin as a solution for a younger generation, we may be in for an interesting ride.

ING Germany Enables Retail Customers to Invest in Bitcoin and Crypto Exchange-Traded Products 🇩🇪

Speaking of surprises, we had yet another financial institution announce the launch of a Bitcoin- and crypto-native product. 

ING Germany, one of the country's largest banks, has enabled retail customers to invest in Bitcoin, Ether, and Solana exchange-traded products and exchange-traded notes.  

ING joins a broader trend among German banks expanding crypto access, including Sparkassen and cooperative banks that have announced plans to offer trading services.

ING will partner with 21Shares, Bitwise, and VanEck, enabling customers to open a "Direct Depot" (securities) account designed for online, self-directed investing. 

These crypto ETPs and ETNs are offered on the website as a simple entry point, integrating directly with your standard banking without requiring wallets or key management.

Martijn Rozemuller, CEO of VanEck Europe, commented on the announcement: 

"Many investors want a solution that fits into existing depot structures and at the same time convinces with transparent costs. That's exactly what this partnership stands for. It brings crypto exposure to where investors already invest: in their securities account." (Translated)

I'm interested in seeing how well these products perform, as I have experience with similar products in Germany from my time as CEO of Deutsche Digital Assets. 

Elsewhere in Bitcoin 📖

A quick look at what else has been happening in Bitcoin: 

• President Trump: The Bitcoin and crypto bill should be done soon

• The Bitcoin is dead narrative is making another comeback

• The U.S. Government seized over $400 million in Bitcoin

• Tennessee Rep. wants to introduce a Bitcoin bill

Your fellow stacker in sats, 

Patrick Lowry

PS: Connect with me up on X if you want to hear more of my thoughts on Bitcoin and digital assets.

Disclaimer: The opinions expressed in this newsletter are solely those of the author and do not necessarily represent the views of any associated company. This newsletter is for educational and informational purposes only and should not be construed as investment, financial, or any other professional advice. Investing in cryptocurrencies is highly speculative and carries a significant risk of substantial financial loss, so you must conduct your own thorough research and consult with independent professional advisors before making any decisions.