- White House AI and crypto czar David Sacks divested over $200 million in crypto assets before taking office to avoid conflicts of interest.
- Sacks and his firm Craft Ventures sold holdings in Bitcoin, Ethereum, Solana, and crypto-related stocks including Coinbase and Robinhood.
- The divestment disclosure follows scrutiny from Senator Elizabeth Warren who requested proof of Sacks’ crypto selloff.
White House AI and crypto czar David Sacks liquidated more than $200 million in cryptocurrency and crypto-related investments prior to assuming his government role, according to a White House memorandum released on March 5.
The document reveals that Sacks and Craft Ventures, the investment firm he co-founded in 2017, took deliberate steps to eliminate potential conflicts of interest before Sacks began his role helping to craft a regulatory framework for the cryptocurrency industry under the Trump administration.
"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," said the memorandum.
The document details that Sacks sold all "liquid cryptocurrency" from his personal holdings and Craft Ventures’ portfolio before President Trump’s January 20 inauguration. These assets included Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Beyond direct cryptocurrency holdings, Sacks also divested from publicly traded crypto companies including Coinbase (COIN) and Robinhood (HOOD), along with his stakes in private digital asset firms. He additionally sold his limited partner interest in Solana-focused Multichain Capital and crypto venture capital firm Blockchain Capital, while Craft Ventures divested its positions in Multichain Capital and Bitwise Asset Management.
The timing of this memorandum is noteworthy, as it was released just one day before Massachusetts Senator Elizabeth Warren sent Sacks a letter on March 6 demanding evidence that he no longer held digital assets. Warren’s letter came after Sacks had claimed on social media platform X that he had completely divested from crypto.
"Despite your public statements via X, it remains unclear exactly when you personally divested from BTC, ETH, and SOL, when Craft Ventures divested from Bitwise, and whether people close to you ‘may have held positions and sold into the recent price surge," Warren wrote.
Since assuming his White House position, Sacks has been an outspoken advocate on various crypto policy issues, including promoting a Strategic Bitcoin Reserve and arguing against excessive taxation of the cryptocurrency industry.
During an episode of the All In Podcast, Sacks recently opposed the idea of cryptocurrency transaction taxes after podcast host Jason Calacanis suggested a 0.01% tax on crypto transactions.
"That’s always how taxes start. They are described as being very modest," Sacks explained. "You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people."
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