Fed Nominee's $192M Crypto Bag, Goldman's Bitcoin Income ETF, and Tether's People's Wallet: TradFi Can't Quit Crypto

Trump's nominee to replace Jerome Powell as Fed Chair filed his 69-page financial disclosure with the Office of Government Ethics Tuesday, and the document revealed combined assets with his wife of at least $192M. That's a lot of zeros for someone who might soon be explaining quantitative tightening to Congress while pretending he doesn't know what a mempool is.

Through DCM Investments 10 LLC, Warsh holds stakes in Solana, Polymarket, Blast (!!), Optimism, dydx, Dapper Labs, and multiple crypto fintech firms. He also holds a direct stake in SpaceX via the AVGF II fund, and more than $100M in exposure through Juggernaut Fund LP positions tied to advisory work with the Duquesne Family Office. Someone's been collecting altcoins like they're Pokémon cards, except these ones occasionally make you rich enough to influence monetary policy.

The man who would set US interest rate policy, oversee banking supervision, and influence stablecoin and crypto regulatory posture has active financial exposure to Solana and a crypto-native prediction market. Warsh has previously called Bitcoin "the new gold." But notably he doesn't have any exposure to it. He's too busy investing down the risk curve… or maybe he just knows that BTC maxis already have enough political influence without Fed chairs joining their discords.

Goldman Sachs filed with the SEC on Tuesday for the Goldman Sachs Bitcoin Premium Income ETF - one of the bank's first direct crypto product filings and its most significant Bitcoin move yet. The investment bank that once called Bitcoin a "fraud" is now filing paperwork to sell Bitcoin call options. Character development takes many forms, and this is definitely one of them.

The structure: the fund holds exposure to spot Bitcoin ETPs and sells call options on 40–100% of that exposure, collecting premiums it distribute to investors as monthly income. In practice, this means upside participation gets capped in strong rallies, and in exchange, investors collect yield. It's the same covered-call playbook Goldman already runs on the S&P 500 via GPIX (~8% annual yield) and the Nasdaq via GPIQ. Basically, it's Bitcoin for people who want Bitcoin's vibes but without the volatility that comes from checking the price at 3 AM.

BlackRock just launched a similar income ETF for Bitcoin as well. The biggest players in TradFi are finding more and more crypto products to offer their customers. First they said it was a bubble, then they said it was a Ponzi scheme, now they're launching Bitcoin income ETFs. At this rate, expect JPMorgan to mint a "Digital Asset Hater No More" NFT collection.

Tether, the world's largest stablecoin issuer with $184B USDT in circulation, launched tether.wallet on Tuesday as its first consumer-facing product. Because when you control the dollar-pegged plumbing of the entire crypto ecosystem, the natural next step is to compete directly with MetaMask and Trust Wallet. Bold strategy, Cotton.

The self-custodial app lets users hold and send USDT, USAT (its US-regulated stablecoin), XAUT (gold-backed token), and Bitcoin across Ethereum, Polygon, Arbitrum, and the Lightning Network. Fees are payable in the asset being sent and no