DOJ Ends Powell Probe, Clearing Path for Warsh as Bitcoin Traders Watch Fed

The Department of Justice ended its criminal probe into Jerome Powell over alleged cost overruns on the Fed’s $2.5 billion headquarters renovation, clearing a major obstacle to Kevin Warsh’s confirmation as the next Fed chair. Senator Thom Tillis had said he would block Warsh until the probe ended, and Senate leadership now expects a committee vote and floor confirmation before Powell’s term expires on May 15. Warsh told senators he would keep rate decisions independent from the White House, but he has also criticized the Fed’s post-pandemic rate response. Bitcoin has traded in the $70,000–$92,000 range this year as traders watched signals from the central bank.