Daniel Walker
David Sacks, the White House’s first-ever AI and Crypto Czar, confirmed that he sold all of his cryptocurrency holdings before the Trump administration began.
“Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) before the start of the administration,” Sacks wrote on X on Sunday, reposting a screenshot from a Financial Times report that raised concerns over potential conflicts of interest.
Sacks’ statement was a direct response to growing concerns regarding his past investments, particularly his connection to Bitwise, a firm offering an ETF that includes Bitcoin, Ethereum, XRP, Solana, and Cardano. Sacks’ venture capital firm, Craft Ventures, has also backed various crypto startups, including Bitwise.
According to Financial Times, an unnamed source revealed that Sacks is currently undergoing an official ethics review and will provide further disclosures regarding his past crypto holdings.
Sacks Denies Holding Indirect Crypto Investments
A community note on X suggested that Sacks still had indirect crypto exposure through Bitwise ETFs, but he swiftly denied the claim.
“This community note is a lie. I had a $74,000 position in the Bitwise ETF, which I sold on January 22. I do not have ‘large indirect holdings,'” Sacks clarified. He also assured that he would share updates once the ethics review concludes.
Meanwhile, President Donald Trump reaffirmed his commitment to establishing a Crypto Strategic Reserve that includes Bitcoin and Ethereum, as well as Solana, XRP, and Cardano.
Sacks echoed Trump’s message on X:
“President Trump has announced a Crypto Strategic Reserve consisting of Bitcoin and other top cryptocurrencies. This aligns with his week-one Executive Order 14178. President Trump is delivering on his promise to make the U.S. the ‘Crypto Capital of the World.’ More updates will come at the Crypto Summit.”
The announcement has triggered a rally in the crypto market, with XRP, ADA, and SOL posting significant daily gains.
Trump is expected to address industry leaders at the inaugural White House Crypto Summit on March 7, where further details on the administration’s crypto policy and strategy are anticipated.
