David Sacks Confirms Selling His Direct Bitcoin, Ethereum, and Solana Holdings Before Trump Administration
White House AI & Crypto Czar David Sacks and his firm Craft Ventures sold their direct crypto holdings before Donald Trumps inauguration on January 20. Leading media outlet Financial Times reported the development recently, citing sources familiar with the matter. The source claimed that Sacks and his company liquidated their direct crypto holdings, which include assets like Bitcoin, Ethereum, and Solana. Despite selling his direct crypto holdings, Sacks and his company retained stakes in other crypto-related startups. According to reports, the first-ever Crypto Czar is preparing for an ethics review that will potentially assess any conflict of interest between his personal crypto investments and his appointment under the Trump administration. After the review, the source expects Sacks to disclose his crypto holdings and stakes for transparency purposes. Sacks Confirms Selling His Direct Crypto HoldingsInterestingly, Sacks confirmed the report, noting that he sold all his direct crypto holdings, such as Bitcoin, Ethereum, and Solana, before the commencement of Trumps administration. Recall that Sacks made history following his appointment as the first-ever White House AI and Crypto Czar. His appointment sparked a mixed reaction online, with some users suggesting a potential conflict of interest regarding his crypto holdings. It is common knowledge that Sacks had invested in certain cryptos like Solana through Craft Ventures. Crypto Czar Refutes Claims About His Bitwise ETF Investment After his statement confirming the Financial Times report, Xs Community Notes suggested that he has large indirect crypto holdings in Bitwise Asset Management. For context, Bitwise offers exchange-traded funds (ETFs) tied to Bitcoin and Ethereum. The company is also seeking to launch spot ETFs linked to XRP. In an X post, Sacks refuted the Community Notes claim, revealing that he liquidated his $74,000 position in Bitwise ETF on January 22. He maintained that he would reveal his crypto holdings after the ethics review. https://twitter.com/DavidSacks/status/1896480537839370374Meanwhile, the United States is preparing to move forward with the highly anticipated crypto reserve, according to Trumps post on Truth Social. The initiative will initially support five cryptocurrencies: Bitcoin, Ethereum, Solana, Cardano, and XRP. In a follow-up statement, Sacks promised to share more details about the crypto reserve in the inaugural Crypto Summit slated for March 7.
Text source: The Crypto Basic
