The US Senate confirmed Kevin Warsh as the next chair of the Federal Reserve on Wednesday in a 54-45 vote, the most divisive confirmation in the central bank’s modern history. Pennsylvania Democrat John Fetterman was the only senator to cross party lines. Warsh, 56, becomes the 11th Fed chair of the modern era, succeeding Jerome Powell, who retains a seat as governor.

Warsh is the first incoming Fed chair to have held direct exposure to digital assets. His disclosed holdings include an equity stake in Flashnet, a Bitcoin payments startup, ties to Bitwise, the crypto index manager, and a position in Basis, a stablecoin project. Through venture fund structures, he holds equity positions in more than a dozen blockchain and digital…