The Department of Justice dropped its criminal investigation into Federal Reserve Chair Jerome Powell on April 24, 2026, just weeks before his term expires on May 15, referring the matter concerning cost overruns in a Fed building project to the Fed's inspector general instead. The move clears the path for Senate confirmation of Kevin Warsh, President Trump's crypto-friendly nominee chosen to remedy what Trump views as excessively high interest rates under Powell. Republican Senator Thom Tillis had promised to block Warsh's confirmation while the investigation continued, but now pledges to vote yes, sending prediction market odds for Warsh's confirmation by May 15 soaring from 30% to over 80%. Democratic Senator Elizabeth Warren calls the DOJ announcement a politically coordinated attempt to install Warsh and give Trump greater influence over monetary policy and crypto regulation.
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