David Sacks, appointed by U.S. President Donald Trump as the crypto and AI czar, announced he sold all his crypto assets before taking on his new role.
Confirmation of Crypto Asset Sale
David Sacks stated that he sold all his crypto holdings, including Bitcoin, Ethereum, and Solana, before the start of the new administration. This is supported by a screenshot from the Financial Times uploaded by correspondent George Hammond.
Sacks' Response to Accusations
The Community Notes service, which fact-checks information, claimed that Sacks still holds Bitcoin ETFs on Bitwise. Sacks refuted this as false, stating he sold his ETF shares on January 22 and promised to provide an update after the ethics review process.
Why This Matters
It is crucial for Sacks to divest his crypto assets to remain transparent and credible as he will shape policies directly impacting the crypto industry and indirectly affect their valuation.
Thus, David Sacks' actions are aimed at ensuring transparency in his significant new government role.
