Sacks Sells Crypto Before Trump Role

David Sacks, appointed White House AI and Crypto Czar, publicly confirmed the sale of his entire cryptocurrency portfolio, including Bitcoin (BTC), Ether (ETH), and Solana (SOL), before commencing his role in the Trump administration. This move underscores a commitment to transparency and conflict avoidance.

Sacks shared this information on X (formerly Twitter), directly responding to a Financial Times reporter’s inquiry regarding his personal crypto holdings. He explicitly stated: “I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration.”

Key Takeaways:

• Complete Divestment: Sacks sold all his BTC, ETH, and SOL before joining the Trump administration.
• White House Crypto Summit: Sacks will chair the inaugural White House Crypto Summit, aiming to establish the US as a global crypto leader.

While Sacks’ venture capital firm, Craft Ventures, maintains investments in cryptocurrency startups, both he and the firm have divested from direct crypto holdings. This proactive measure ensures no potential conflicts of interest exist.

Upcoming White House Crypto Summit

Sacks is preparing to chair the White House Crypto Summit next Friday. This important event will bring together key figures from the crypto industry and the President’s Working Group on Digital Assets. The summit reflects the administration’s strategy to solidify the U.S.’s position at the forefront of global crypto development and regulation. The aim is to foster innovation while implementing clear and effective regulatory frameworks.

Sacks' Crypto Background

A long-time Bitcoin advocate, Sacks views cryptocurrencies as a natural progression of PayPal’s initial goal of establishing a digital money system. His venture capital firm, Craft Ventures, has notably invested in cryptocurrency infrastructure businesses such as BitGo (institutional custody) and Multicoin Capital (a crypto hedge fund).

Sacks has been vocal about his positive outlook on Solana, in part due to the significant returns his firm, Multicoin Capital, generated through investment in the project (reportedly around $1 billion).

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