At the Bitcoin 2026 conference, Arthur Hayes emphasized the importance of Federal Reserve nominee Kevin Warsh's stance on the balance sheet over short-term interest rates. Hayes noted that Warsh's approach could significantly affect dollar liquidity and the pricing of risk assets, including Bitcoin. He suggested that market perceptions of Warsh as "hawkish" might be exaggerated, predicting that the Fed would likely manage liquidity through asset swaps without hindering the U.S. Treasury's debt issuance capabilities.