David Sacks and his venture firm sold over $200 million in assets related to the digital asset industry before his appointment as the AI and crypto czar in the White House.
Crypto Sale Before Appointment
The White House memorandum stated significant steps were taken to reduce potential conflicts of interest before Sacks started his role. He sold all 'liquid cryptocurrency' from his portfolio and Craft Ventures' portfolio, including Bitcoin, Ether, and Solana holdings. Sacks also sold shares of publicly traded crypto-related firms, such as Coinbase and Robinhood, and divested from private digital asset companies.
Questions from Senator Warren
A day later, Massachusetts Senator Elizabeth Warren sent Sacks a letter urging him to prove he no longer holds digital assets. She highlighted that despite Sacks' public statements, it remains unclear when he divested his crypto assets.
Sacks' Position in Crypto Industry
Since his appointment, Sacks has been vocal about various issues in the crypto industry, opposing crypto transaction taxes and emphasizing the importance of a Strategic Bitcoin Reserve.
David Sacks took substantial measures to eliminate conflict of interest prior to his White House appointment. Nonetheless, his activities in the crypto sector continue to attract attention and questions both from the public and governmental bodies.
