The Federal Reserve Board announced on May 15 that Jerome Powell will serve as chair pro tempore while Kevin Warsh awaits swearing-in. Warsh was confirmed by the Senate on May 13 in a 54-45 vote, but he has not yet formally taken the oath of office. Officials used the temporary designation after Powell's term as chair ended Friday. Senate confirmation gives Warsh the legal path to the role, but the transition is not complete until the oath occurs. The board did not give a swearing-in date, leaving Powell in place until that final step.
Senate Bill 557, patroned by Senator Reeves, would establish the Commonwealth Strategic Cryptocurrency Reserve Fund, a special nonreverting fund housed in the state treasury and administered by the Virginia State Treasurer. The measure advanced this week after passing the Senate General Laws and Technology Committee in a 13-2 vote. Under the legislation, Virginia would be authorized to invest state-held funds directly into bitcoin or other qualifying cryptocurrencies, creating what supporters describe as a strategic reserve designed to modernize treasury management.
