• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

David Sacks' $200 Million Asset Sale Prior to Crypto Czar Appointment

user avatar

by Giorgi Kostiuk

9 hours ago


David Sacks and his venture firm Craft Ventures sold over $200 million worth of crypto assets before his White House appointment. This step was taken to reduce potential conflicts of interest.

Crypto Asset Sale

A White House memorandum dated March 5 detailed that David Sacks and Craft Ventures divested over $200 million of positions in the digital asset industry, with $85 million directly attributable to Sacks himself. These actions were significant steps to mitigate potential conflicts of interest.

Political Context and Market Changes

Sacks' appointment and actions come amidst significant changes in the cryptocurrency market, which has experienced a downturn since Donald Trump's inauguration due to proposed tariffs and uncertainty over US interest rates. Bitcoin reached an all-time high of $109,000 just before Trump's presidency began but fell below $80,000 by February 27, erasing all post-election gains.

Sacks' New Role and Positions

As the new AI and crypto czar, David Sacks will help develop a legal framework for the cryptocurrency industry. Additionally, Sacks has been advocating for various aspects such as the Strategic Bitcoin Reserve and against over-taxing the crypto industry. He opposed a proposed 0.01% tax on crypto transactions on the All In Podcast when host Jason Calacanis suggested it.

David Sacks' asset sale prior to his White House appointment demonstrates his commitment to transparently performing his duties while avoiding conflicts of interest. This enables him to focus on developing US cryptocurrency policy without the risk of personal asset-related conflicts.

0

Share

Other news

Bitcoin: Recovery Amid Support from 50-Week Moving Average

Bitcoin bounces back from the 50-week SMA, showing strong buyer interest and potential for return to previous highs.

user avatarGiorgi Kostiuk

6 minutes ago

Bitcoin Demand Falls: A Bearish Trend Indicator

Bitcoin demand hits its lowest level in a year, raising investor confidence and market stability questions.

user avatarGiorgi Kostiuk

11 minutes ago

Solana ($SOL) Surges by 8.59% in Last 24 Hours

Solana ($SOL) price increased by 8.59% to $135.14, exploring potential further growth.

user avatarGiorgi Kostiuk

12 minutes ago

Bitcoin and Bullish Divergence: A Step Towards $100K

Bitcoin could reach $100K due to bullish divergence on the daily chart.

user avatarGiorgi Kostiuk

12 minutes ago

Lightchain AI: A Contender for the Next Crypto Breakout

Lightchain AI raises $17.4 million in presale, merging AI and blockchain tech.

user avatarGiorgi Kostiuk

13 minutes ago

Bitcoin Metrics: Short-term Decline and Long-term Resilience

Bitcoin metrics suggest a possible price drop below $80k despite long-term holders' confidence.

user avatarGiorgi Kostiuk

13 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.