Morning Minute: The Next Fed Chair Has a Crypto Portfolio

Morning Minute is simply a regular newsletter written by Tyler Warner. The investigation and opinions expressed are his ain and bash not needfully bespeak those of Decrypt. And check retired our new regular quality show covering each of the apical stories successful 5 minutes oregon less, downloadable connected Apple Pod oregon Spotify.

GM!

Today’s apical news:

• Crypto majors autumn 1-2% aft caller rally; Bitcoin astatine $74k
• Next Fed Chair Kevin Warsh discloses holdings, including Solana, Polymarket, Blast & more
• Goldman Sachs filed for a Bitcoin income ETF tied to options
• Circle banal jumps 7% aft Allaire teases token for Arc
• Tether introduces caller wallet letting users nonstop stables & BTC

🏛️ The Next Fed Chair Has a Crypto Portfolio

Kevin Warsh is conscionable similar us.

Trump’s nominee to regenerate Jerome Powell arsenic Fed Chair filed his 69-page fiscal disclosure with the Office of Government Ethics Tuesday, and the papers revealed combined assets with his woman of astatine slightest $192M.

Through DCM Investments 10 LLC, Warsh holds stakes successful Solana, Polymarket, Blast (!!), Optimism, dydx, Dapper Labs, and aggregate crypto fintech firms. He besides holds a nonstop involvement successful SpaceX via the AVGF II fund, and much than $100M successful vulnerability done Juggernaut Fund LP positions tied to advisory enactment with the Duquesne Family Office.

The antheral who would acceptable US involvement complaint policy, oversee banking supervision, and power stablecoin and crypto regulatory posture has progressive fiscal vulnerability to Solana and a crypto-native prediction market.

Warsh has antecedently called Bitcoin “the caller gold.” But notably helium doesn’t person immoderate vulnerability to it. He’s excessively engaged investing down the hazard curve…

Key Details:

• Kevin Warsh filed his fiscal disclosure revealing a 9-figure portfolio with stakes successful Solana, Polymarket, SpaceX, and Ethereum dev level Tenderly
• The crypto holdings sit wrong DCM Investments 10 LLC, each valued nether $500K
• The timing: Warsh’s confirmation hearing, the Clarity Act Senate Banking Committee markup, and the April 28-29 Fed gathering are each converging successful the aforesaid two-week window

📊 Goldman Sachs Just Filed for a Bitcoin Income ETF

Goldman Sachs filed with the SEC connected Tuesday for the Goldman Sachs Bitcoin Premium Income ETF - 1 of the bank’s archetypal nonstop crypto merchandise filings and its astir important Bitcoin determination yet.

The structure: the money holds vulnerability to spot Bitcoin ETPs and sells telephone options connected 40–100% of that exposure, collecting premiums it distributes to investors arsenic monthly income.

In practice, this means upside information gets capped successful beardown rallies, and successful exchange, investors cod yield. It’s the aforesaid covered-call playbook Goldman already runs connected the S&P 500 via GPIX (~8% yearly yield) and the Nasdaq via GPIQ. BlackRock conscionable launched a akin income ETF for Bitcoin arsenic well.

The biggest players successful TradFi are uncovering much and much crypto products to connection their customers.

Key Details:

• Goldman Sachs filed for a Bitcoin Premium Income ETF that sells telephone options connected 40–100% of BTC ETF vulnerability to make monthly income; earliest motorboat precocious June/July 2026
• The structure: holds spot Bitcoin ETP exposure, sells covered calls to cod premiums; trades distant immoderate upside for dependable yield
• Context: Goldman already holds $1.1B+ successful IBIT connected its equilibrium sheet

💳 Tether Launched a Wallet

Tether, the world’s largest stablecoin issuer with $184B USDT successful circulation, launched tether.wallet connected Tuesday arsenic its archetypal consumer-facing product.

The self-custodial app lets users clasp and nonstop USDT, USAT (its US-regulated stablecoin), XAUT (gold-backed token), and Bitcoin crossed Ethereum, Polygon, Arbitrum, and the Lightning Network. Fees are payable successful the plus being sent and nary state tokens required.

Users simply request a idiosyncratic sanction (name@tether.me instead of hex strings) to get started, and backstage keys stored connected device.

CEO Paolo Ardoino pitched it arsenic the “People’s Wallet,” designed for a aboriginal wherever humans, machines, and AI agents each transact connected the aforesaid rails. Notably, Tether built the wallet connected its open-source Wallet Development Kit - the aforesaid toolkit it’s been positioning for AI cause payments.

Key Details:

• Tether launched tether.wallet - a self-custodial app supporting USDT, USAT, XAUT, and Bitcoin crossed Ethereum, Polygon, Arbitrum, and Lightning
• The pitch: CEO Ardoino calls it the “People’s Wallet” for humans, machines, and AI agents, built connected Tether’s open-source Wallet Development Kit
• The strategical move: Tether goes direct-to-consumer for the archetypal time, with 570M wallets already connected its network

📈 Circle Stocks Jumps As CEO Teases ARC Token

Jeremy Allaire dropped 1 condemnation astatine Circle’s Seoul lawsuit Tuesday that moved the stock: Circle is exploring a autochthonal token for Arc Network, its Layer-1 blockchain presently successful testnet.

The token would grip governance, incentives, and economical alignment, with a gradual modulation to proof-of-stake.

Allaire described it arsenic “potentially Circle’s astir important platform-level strategical determination since the instauration of USDC.” CRCL banal roseate 7% connected the news.

Circle’s Arc already has BlackRock, HSBC, Visa, Goldman Sachs, and AWS connected the testnet. Allaire’s imaginativeness is an “economic OS for the internet” - organization fiscal workflows moving wholly on-chain. A autochthonal token would springiness Arc a governance furniture and an inducement mechanics for validators arsenic it transitions to PoS.

Given the large TradFi taxable for 2026, let’s conscionable accidental a Circle token would person precise precocious expectations…

Key Details:

• • Circle CEO Jeremy Allaire confirmed Circle is exploring a autochthonal Arc Network token
  • Utility: governance, incentives, and economical alignment arsenic Allaire plans to modulation Arc to proof-of-stake
  • Market response: Circle banal jumped 7% to $105

🌎 Macro Crypto and Markets

• Crypto majors autumn 1-2% aft caller rally; BTC level astatine $74.2k; ETH -2% astatine $2,335; SOL -3% astatine $84; HYPE -1% astatine $44
• DEXE (+17%), APT (+2%), and ARB (+2%) led apical movers
• Oil -4% astatine $89; Gold +1% astatine $4,810
• Robinhood’s HOOD banal jumped 15% after the SEC approved ending the Pattern Day Trader rule, which eliminates the $25K minimum equity request for time trading
• Deutsche Börse invested $200M successful Kraken for a 1.5% involvement astatine a $13.3B valuation (down from $20B successful November) arsenic Kraken confidentially files for IPO
• CowSwap suffered a front-end compromise — DeFi speech website hijacked; users warned not to interact with the interface until confirmed safe
• Fake Ledger app on the Mac App Store drained $9.5M from crypto users earlier being removed; Apple store information nonaccomplishment with existent losses
• The Ethereum Foundation put up $1M to backmost ecosystem information audits
• Visa backed Stripe’s Tempo payments network as an anchor validator
• JPMorgan CFO raised caution about imaginable regulatory arbitrage with stablecoins, arguing banks are held to stricter standards than stablecoin issuers connected equivalent products

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw $411M successful nett inflows on Tuesday; the ETH ETFs saw $53M successful inflows
• STRC traded $1.5B measurement connected Tuesday to rise superior for 9,500+ BTC, different smashing record

Meme Coin Tracker

• Meme leaders were mostly red; DOGE -1%, SHIB -1%, PEPE -2%, TRUMP -1%, PENGU -1%, SPX -1%, FARTCOIN -7%
• Unc (+240%), Whitewhale (+80%), Bull (+40%), and wojak (+15%) led notable onchain movers
• TRUMP meme coin holders are getting cheaper VIP access to the Mar-a-Lago gala than archetypal TRUMP whale offering prices

💰 Token, Airdrop & Protocol Tracker

• Pumpcade rallied to $44M+ aft quality that they closed a $5M effect round led by Jump
• Nava AI announced an $8.3M effect round to physique AI cause infra focused connected guardrails for agentic activity
• Bitcoin devs projected BIP-361 which would freeze early Bitcoin addresses astir susceptible to quantum risk

🚚 What is happening successful NFTs?

• NFT leaders were mostly somewhat red, Punks proceed their decline; Punks -2% astatine 26 ETH, Pudgy adjacent astatine 4.06 ETH, BAYC -1% astatine 6.25 ETH; Hypurr’s +1% astatine 402 HYPE
• DigiDaigaku Genesis (+35%) and Ringers (+5%) led notable movers