David Sacks Sold $200M in Crypto Before Taking White House AI and Crypto Role
David Sacks and his venture capital firm Craft Ventures liquidated over $200 million in cryptocurrency and crypto-related stocks before he assumed his role as the White House AI and crypto czar, according to a March 5 memorandum from the White House.
“You and Craft Ventures have divested over $200 million of positions related to the digital asset industry, of which $85 million is directly attributable to you,” the memo stated.
The document outlined that Sacks took significant steps to reduce potential conflicts of interest before taking the position, where he is tasked with helping develop a regulatory framework for the crypto industry.
Crypto and Stock Holdings Offloaded Before Trump’s Inauguration
Before Donald Trump was sworn in as the 47th U.S. president on January 20, Sacks liquidated all his personal cryptocurrency holdings, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Craft Ventures also sold off its crypto investments, ensuring that neither Sacks nor his firm held digital assets upon his appointment.
Sacks also divested from publicly traded crypto firms such as Coinbase (COIN) and Robinhood (HOOD), along with stakes in private digital asset companies.
Furthermore, he exited his limited partner interests in Solana-focused Multichain Capital and Blockchain Capital, while Craft Ventures offloaded its holdings in Multichain Capital and Bitwise Asset Management.
Since Trump’s inauguration, the crypto market has experienced a downturn, with many attributing the decline to uncertainty surrounding U.S. interest rates and proposed tariffs.
Bitcoin had reached an all-time high of $109,000 just hours before Trump took office, but by February 27, it had fallen below $80,000, wiping out all post-election gains.
As of publication, Bitcoin is trading around $84,155, according to CoinMarketCap.
The memorandum surfaced one day before Senator Elizabeth Warren sent a March 6 letter demanding that Sacks prove he no longer holds any cryptocurrency.
The request followed Sacks’ public statement on X confirming that he had sold all his crypto holdings.
Warren questioned the timing of Sacks’ divestment, asking for transparency regarding when he and Craft Ventures offloaded their positions and whether individuals close to him benefited from the recent price surge before selling.
Sacks’ Views on Crypto Regulation
Since assuming his role at the White House, Sacks has been a vocal advocate for the crypto industry.
He has pushed for a Strategic Bitcoin Reserve and warned against excessive taxation on digital assets.
Most recently, on the All In Podcast, he rejected the idea of a crypto transaction tax, after host Jason Calacanis proposed a 0.01% tax on all cryptocurrency transactions.
“That’s always how taxes start. They are described as being very modest,” Sacks warned, referencing how income tax was initially applied to only a few Americans before expanding to the broader population.
President Donald Trump has previously proposed eliminating the federal income tax and replacing it with tariffs on imported goods.
He has argued that tariffs once fully funded the U.S. government in the 19th century, a period he described as an era of significant prosperity.
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David Sacks Sold $200M in Crypto Before Taking White House AI and Crypto Role
David Sacks and his venture capital firm Craft Ventures liquidated over $200 million in cryptocurrency and crypto-related stocks before he assumed his role as the White House AI and crypto czar, according to a March 5 memorandum from the White House.
“You and Craft Ventures have divested over $200 million of positions related to the digital asset industry, of which $85 million is directly attributable to you,” the memo stated.
The document outlined that Sacks took significant steps to reduce potential conflicts of interest before taking the position, where he is tasked with helping develop a regulatory framework for the crypto industry.
Crypto and Stock Holdings Offloaded Before Trump’s Inauguration
Before Donald Trump was sworn in as the 47th U.S. president on January 20, Sacks liquidated all his personal cryptocurrency holdings, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Craft Ventures also sold off its crypto investments, ensuring that neither Sacks nor his firm held digital assets upon his appointment.
Sacks also divested from publicly traded crypto firms such as Coinbase (COIN) and Robinhood (HOOD), along with stakes in private digital asset companies.
Furthermore, he exited his limited partner interests in Solana-focused Multichain Capital and Blockchain Capital, while Craft Ventures offloaded its holdings in Multichain Capital and Bitwise Asset Management.
Since Trump’s inauguration, the crypto market has experienced a downturn, with many attributing the decline to uncertainty surrounding U.S. interest rates and proposed tariffs.
Bitcoin had reached an all-time high of $109,000 just hours before Trump took office, but by February 27, it had fallen below $80,000, wiping out all post-election gains.
As of publication, Bitcoin is trading around $84,155, according to CoinMarketCap.
The memorandum surfaced one day before Senator Elizabeth Warren sent a March 6 letter demanding that Sacks prove he no longer holds any cryptocurrency.
The request followed Sacks’ public statement on X confirming that he had sold all his crypto holdings.
Warren questioned the timing of Sacks’ divestment, asking for transparency regarding when he and Craft Ventures offloaded their positions and whether individuals close to him benefited from the recent price surge before selling.
Sacks’ Views on Crypto Regulation
Since assuming his role at the White House, Sacks has been a vocal advocate for the crypto industry.
He has pushed for a Strategic Bitcoin Reserve and warned against excessive taxation on digital assets.
Most recently, on the All In Podcast, he rejected the idea of a crypto transaction tax, after host Jason Calacanis proposed a 0.01% tax on all cryptocurrency transactions.
“That’s always how taxes start. They are described as being very modest,” Sacks warned, referencing how income tax was initially applied to only a few Americans before expanding to the broader population.
President Donald Trump has previously proposed eliminating the federal income tax and replacing it with tariffs on imported goods.
He has argued that tariffs once fully funded the U.S. government in the 19th century, a period he described as an era of significant prosperity.
The post David Sacks Sold $200M in Crypto Before Taking White House AI and Crypto Role appeared first on Cryptonews.
Read More