David Sacks, AI and crypto czar for the White House, disagrees with media portrayal of his digital asset sale.
Sacks Speaks Out
On March 18, Sacks responded in a post on X to claims he 'dumped' his crypto investments, stating: 'Why does the media always want to portray crypto in the worst light? I did not ‘dump’ my cryptocurrency; I divested it.' According to the U.S. Office of Government Ethics, officials must liquidate personal digital asset holdings before participating in crypto-related policymaking.
Public Scrutiny and Defence
Sacks came under scrutiny after Donald Trump's early March announcement that certain cryptocurrencies would be part of a national digital assets reserve. Critics suggested he was using the opportunity to add to his portfolio. However, Sacks stated he had already sold his holdings to avoid any conflict of interest. His stance was supported by industry figures like Cameron Winklevoss, who noted Sacks is doing tremendous work without seeking economic benefit to avoid any appearance of conflict.
Future Plans and Investments
Sacks and his investment firm Craft Ventures previously held significant stakes in the digital asset space, with stock in Robinhood and Coinbase. Currently, while Craft Ventures still invests in some crypto startups, Sacks no longer has direct exposure to digital assets. His remaining indirect interests include stakes in BitGo and Bitcoin protocol developer Lightning Labs, representing 2.5% and 1.1% of his total assets, respectively.
David Sacks continues to be a focal point due to his role and decisions amidst changes in crypto asset policy. Despite criticism, he emphasizes his commitment to avoiding conflicts of interest and maintaining ethical transparency.
