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White House Crypto Czar David Sacks sold all his cryptocurrency holdings, including bitcoin and ether, before joining the Trump administration, refuting claims of indirect investments in Bitwise Asset Management.
David Sacks Sells Crypto Holdings Before White House Role
White House AI and Crypto Czar David Sacks confirmed that he sold all of his cryptocurrency holdings before taking a role in the Trump administration. Sacks, a well-known investor and entrepreneur, has played a significant role in the tech and finance sectors. He co-founded Craft Ventures, a venture capital firm that has invested in various technology startups and financial firms, including Bitwise Asset Management, which focuses on crypto investments.
Sacks stated on social media platform X on March 2:
I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration.
His confirmation came amid speculation about his cryptocurrency holdings and potential conflicts of interest following his appointment.
His decision to liquidate his crypto assets was part of his effort to comply with ethics regulations and avoid any appearance of conflict of interest. He announced this before joining the Trump administration. Sacks publicly stated that he would divest from his holdings to ensure transparency and uphold ethical standards. His move aligns with government policies requiring officials to disclose and divest certain financial assets that may interfere with their responsibilities.
Sacks also addressed criticism from a Community Note on X, which claimed that he still held large indirect investments in cryptocurrency through Bitwise Asset Management. “David sold his direct holdings, but he still has large indirect holdings because he is an investor in Bitwise Asset Management,” the note claims. Responding to the accusation, Sacks wrote:
This community note is a lie. I had a $74K position in the Bitwise ETF, which I sold on January 22. I do not have ‘large indirect holdings.’ I’ll provide an update at the end of the ethics process.
As Sacks prepares to chair the first White House crypto summit this week, the Trump administration has been actively shaping its approach to digital assets. On March 2, President Donald Trump announced a strategic crypto reserve, which includes bitcoin (BTC), ether (ETH), XRP, solana (SOL), and cardano (ADA).