The Block's daily curated Web3 news for you:
Kevin Warsh confirmed as Chair of the Federal Reserve
CoinDesk reports that the Senate narrowly confirmed Kevin Warsh as Chair of the Federal Reserve, marking the most contentious leadership transition in the Fed's decades-long history and testing the institution's policy independence.
The vote on Wednesday was 54 in favor and 45 against, marking the narrowest margin ever for the confirmation of a Federal Reserve chair since the Senate began requiring approval for the position in 1977. No Fed chair has ever been confirmed with such a slim margin, reflecting the deep political polarization in Congress and Democratic concerns that Walsh would yield to President Trump’s demands to quickly lower interest rates.
[Bloomberg: Microsoft seeks to acquire AI companies to reduce dependence on OpenAI]
BitPush News, according to Bloomberg, sources say Microsoft (MSFT.O) is seeking to acquire AI startups in preparation for reducing its reliance on its former key partner, OpenAI. Potential acquisitions would help Microsoft retain AI talent and advance its goal of developing an advanced AI model before next year.
According to insiders, Microsoft considered acquiring the code-generation startup Cursor in the spring of this year, but ultimately abandoned the plan after internal assessments concluded that regulatory scrutiny would be difficult to overcome due to Microsoft’s ownership of GitHub Copilot. Microsoft is currently negotiating with Inception, a small startup founded by a Stanford University team that specializes in developing large language models using a technology called “diffusion.” Microsoft’s venture fund, M12, participated in Inception’s $50 million seed round in late 2025. Microsoft also faces strong competition in the bidding process from other tech giants, particularly Elon Musk’s SpaceX. Insiders say SpaceX has also approached Inception.
Jane Street significantly reduced its holdings in Bitcoin ETFs in Q1, while increasing its positions in Ethereum ETFs and Galaxy Digital.
Beijing News reports that, according to the latest 13F filing, Wall Street quantitative trading giant Jane Street significantly reduced its holdings of various Bitcoin-related assets in the first quarter of 2026, while increasing its positions in Ethereum ETFs and select cryptocurrency stocks.
Among these, Jane Street's holdings of BlackRock's IBIT decreased by approximately 71% quarter-over-quarter to 5.9 million shares, valued at around $225 million; Fidelity's FBTC holdings decreased by approximately 60% to about 2 million shares, valued at around $115 million.
In addition, its Strategy position decreased from approximately 968,000 shares in the fourth quarter of 2025 to about 210,000 shares, with the position value declining from approximately $146 million to about $27 million. It also reduced its holdings in Bitcoin mining companies such as IREN, Cipher Mining, TeraWulf, and Core Scientific.
On the other hand, Jane Street significantly increased its holdings in Ethereum ETFs, adding approximately $82 million in combined positions across BlackRock’s ETHA and Fidelity’s ETH funds. Meanwhile, its positions in Riot Platforms, Coinbase, and Galaxy Digital also rose, with Galaxy Digital’s holdings increasing substantially from about 17,000 shares to approximately 1.5 million shares.
Fidelity International's first tokenized fund receives Moody's highest rating of AAA-mf
Beijing News reports that Fidelity International has launched its first tokenized fund, the Fidelity USD Digital Liquidity Fund (FILQ), which has received the highest AAA-mf rating from Moody's.
The fund is based on Fidelity’s existing $7 billion low-volatility net asset value fund model, leveraging Sygnum’s tokenization platform and Chainlink’s oracle technology to enable 24/7 on-chain subscription and redemption. FILQ invests in high-grade government securities and is issued on the Ethereum ERC-20 standard, supporting stablecoin trading, aiming to provide institutions with a digital cash management solution that combines liquidity and yield.
Ledger postpones its U.S. IPO plans and considers shifting to private funding.
Beijing News, according to CoinDesk, hardware wallet provider Ledger has paused its U.S. IPO plans due to unfavorable market conditions. Sources familiar with the matter said Ledger had previously discussed a U.S. IPO with investment banks including Goldman Sachs, Jefferies, and Barclays this year, with a potential valuation of around $4 billion, but has not yet filed an S-1 registration statement with the SEC. The company is currently evaluating alternative options, including private financing.
Reports indicate that following the listing of several crypto companies in 2025, multiple institutions, including Kraken, have delayed their IPOs amid weakening token prices, declining trading volumes, and market volatility, while BitGo, the only crypto-native company to go public in 2026, saw its stock price fall approximately 36% below its offering price.
Charles Schwab is launching spot cryptocurrency trading services for U.S. retail customers.
Beats News reports that U.S. financial services giant Charles Schwab has begun rolling out its "Schwab Crypto" service in phases to eligible U.S. retail customers, enabling them to trade Bitcoin and Ethereum directly.
According to official information, users can view and manage their crypto assets directly through their existing Schwab accounts, with custody handled by Charles Schwab Premier Bank and underlying custody and trade execution provided by Paxos.
The platform charges a trading fee of 0.75% per transaction and currently does not support deposits or withdrawals from external wallets. Additionally, this service is not currently available to residents of New York State and Louisiana.
Charles Schwab currently manages approximately $12 trillion in client assets, and its clients hold about 20% of the assets in U.S. spot crypto ETFs.
This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)
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