Fed chair Kevin Warsh has handed five external task forces the job of rethinking how the central bank communicates, manages its balance sheet, uses data, frames inflation, and responds to artificial intelligence. Their recommendations are due by the end of 2026, and crypto sits nowhere in their scope.
Two months into the job, Kevin Warsh announced the five task forces on July 9, 2026, each pointed at a different piece of how the Federal Reserve operates. The 17th Fed chair filled them with outside names, among them venture capitalist Marc Andreessen, former Bank of England governor Mervyn King, and former Reserve Bank of India governor Raghuram Rajan.
Warsh wants less forward guidance
According to Crypto Briefing, Warsh has publicly described his vision as a "regime change" in how the Fed conducts monetary policy. He wants less reliance on forward guidance, the Fed's practice of telegraphing future rate moves to markets months in advance, and a tighter focus on the dual mandate of maximizing employment and stabilizing prices.
Rather than treating inflation as a force that simply happens to economies, he has framed it as a choice the central bank can either tolerate or fight. He has also called for internal argument over policy ideas at the institution, and in conversations with outside experts he has put pointed questions about policy direction without giving his own answers.
What the five groups will examine
The task forces cover communications, balance sheet policy, data usage, productivity and AI, and inflation frameworks. Andreessen co-leads the AI and productivity group, which will examine how artificial intelligence might reshape jobs and economic output.
Another group will look at how the Fed manages its portfolio of Treasury and mortgage-backed securities. The inflation framework group is revisiting the post-2020 approach to inflation targeting, including the fixed 2% target that has defined central bank orthodoxy for decades.
Crypto is absent from the agenda
Digital assets, stablecoins, tokenization, and central bank digital currencies appear nowhere in the scope of the five groups. None of it sits alongside communications, the balance sheet, data, productivity, and inflation on the list Warsh handed his outside experts.
The federal funds rate meanwhile sits at 3.5%-3.75%, held steady amid what Warsh has characterized as healthy economic conditions.
Source: Crypto Briefing
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