David Sacks, the new US AI and crypto czar, sold over $200 million in digital assets before assuming his position to minimize conflicts of interest.
Crypto Asset Sale Before Taking Office
According to a March 5 memorandum from the White House, David Sacks personally divested at least $85 million worth of cryptocurrency assets, including Bitcoin, Ethereum, and Solana. He also withdrew from partnerships in crypto-focused firms like Multicoin Capital and Blockchain Capital and sold minority stakes in blockchain companies such as Animoca Brands.
US Administration's Waiver for the New Role
Although Sacks divested most of his crypto holdings, his investment firm Craft Ventures retained investments in some digital asset funds. The government issued a waiver allowing him to serve in his new advisory role on digital asset policies despite ongoing investments.
Investments by Other Trump Administration Officials
Sacks is part of a group of affluent figures in the administration, with the combined net worth of 12 of Trump's wealthiest appointees estimated at $400 billion. This action contrasts with other financial disclosures in the administration, such as that of Robert F. Kennedy Jr., whose disclosure was only two pages long.
David Sacks' actions in selling crypto assets emphasize his efforts to avoid conflicts of interest and highlight his significant role in shaping US digital asset policies.
