Fed Chair Warsh: Fed chief must oversee all departments, uphold institutional credibility

Warsh's framing puts institutional credibility, not policy tools, at the center of the Fed chair's job — a notable emphasis from someone overseeing a central bank whose authority rests on public trust rather than enforcement power. For crypto and RWA markets, which price off dollar liquidity and rate expectations, the signal is about how the Fed wants to be perceived externally, not any specific policy shift. The open question is whether this credibility-first posture translates into concrete communication or supervisory changes affecting digital-asset firms' access to the banking system.