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crypto.news 2025-03-03 09:42:09

Crypto czar David Sacks claims he sold all his crypto holdings before taking on role

Crypto czar David Sacks claims he sold all his crypto holdings before taking on role

Crypto czar David Sacks says he currently does not own any crypto holdings since stepping into his role. Sacks is currently undergoing a government ethics review. On March 3, Sacks responded to a post made by Venture Capital correspondent George Hammond’s regarding the public official’s non-existent crypto holdings. Sacks said he used to own direct crypto holdings in Bitcoin ( BTC ), Ethereum ( ETH ), and Solana ( SOL ). “Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration,” said Sacks in his post . Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration. https://t.co/dN6nuGQUtu — David Sacks (@DavidSacks) March 3, 2025 While he has indeed sold his direct crypto holdings, Sacks is also known to own indirect holdings as an investor in Bitwise Asset Management. However, in the Financial Times article quoted by Hammond, an inside source claimed that the crypto czar and his investment firm Craft Ventures, have sold their direct crypto holdings not long after President Trump’s inauguration. Craft Ventures reportedly has stakes in a small number of crypto firms including Bitwise , BitGo , Lightning Labs, Dune and others. You might also like: Stablecoins can secure U.S. dollar dominance: Trump’s crypto czar According to the report, Sacks will provide a full update on his holdings as part of the government ethics review. By letting go of his crypto holdings before stepping into his role as crypto czar, Sacks is declaring that he has no direct financial stake in crypto assets, therefore he has no bias towards any particular token. This is crucial towards maintaining his credibility as a regulator. Sacks’ post comes a day after Trump announced that the U.S. government is “moving forward” with their plan to establish a crypto strategic reserve which will include major tokens including Bitcoin, Ethereum, XRP ( XRP ), Solana, and Cardano ( ADA ). “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!” wrote Trump on the social media platform Truth Social. Who is the crypto czar? Donald Trump appointed David O. Sacks as the official “White House A.I. & Crypto Czar” on Dec. 6, 2024. The role involves Sacks taking an active role in guiding policy for the Administration in Artificial Intelligence and Cryptocurrency, two sectors that Trump claimed will be “critical to the future of American competitiveness.” David Sacks is the former COO of PayPal and a well-known venture capitalist. He was also the co-host of a podcast series called the All-In Podcast. In his post, Trump praised Sacks as someone with “business experience, intelligence, and pragmatism.” You might also like: All-In on “Sacks”: The man behind Trump’s bold crypto and AI move

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