The Warsh angle that most people are missing: he has actual skin in the crypto and AI startup game through his investment portfolio. That's a first for a Fed chair nominee. Powell was neutral-to-hostile on crypto by temperament. Warsh may not be.

The more interesting question is whether his Silicon Valley network changes how the Fed thinks about stablecoin regulation and CBDC policy — two areas where the current Fed has been slow and conflicted. Warsh might actually have strong opinions, and those opinions might favor private innovation over a government digital dollar.

The Republican senator blocking him is also worth watching. If that's Hagerty or one of the crypto-friendly senators, there may be a confirmation trade brewing in the background.

Good read — this transition matters more for markets than most people realize.