U.S. Crypto Chief David Sacks clarified rumors about his crypto asset sales, revealing they were a required divestment to meet governmental obligations.
Why Did David Sacks Sell His Crypto?
David Sacks, who leads crypto policy at the White House, addressed his crypto asset sale via X. He explained that his firm Craft Ventures sold over $200 million in digital assets, including Bitcoin, Ethereum, and Solana, due to ethical obligations linked to his government role before President Trump took office. Speculations of his sale followed reports of market stability, leading to assumptions that he lost confidence in the sector.
Media Backlash Over Sell-Off
Sacks criticized the media for portraying his actions negatively, arguing that such narratives damage the image of cryptocurrency. He emphasized that the sale was a legal requirement rather than a judgment on the market’s future. Sacks pointed out that cryptocurrency often faces undue scrutiny despite its growing importance in the financial world.
Crypto Community Backs Sacks
Many in the crypto community supported Sacks, calling out the media for distorting the story. Binance’s former CEO, Changpeng Zhao, noted that 'they sell clicks, not ethics.' Within the crypto space, there was agreement that the media's narrative shows a misunderstanding of cryptos. David Nage from Arca and David Hoffman, co-owner of Bankless, added that many individuals outside the crypto world are unwilling to believe in its success, with negative headlines appealing to those uncomfortable with others profiting from digital assets.
As cryptocurrency becomes more political, debates on regulations and governmental involvement will persist. For now, David Sacks is resolute that his crypto sale was a required action under government rules.
