- David Sacks sold over $200 million in cryptocurrency holdings, including Bitcoin, Ethereum, and Solana, before joining the White House as an AI and crypto advisor.
- The divestment aimed to prevent conflicts of interest, ensuring ethical compliance as he helps shape U.S. cryptocurrency regulations.
What happened: David Sacks sold $200M in crypto before White House advisory role
David Sacks, a prominent venture capitalist, liquidated over $200 million in cryptocurrency and related investments before assuming his role as the White House advisor on artificial intelligence (AI) and cryptocurrency policy. This divestment included personal holdings of approximately $85 million, with the remainder from his firm, Craft Ventures.
The assets sold encompassed major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).Additionally, Sacks divested stakes in crypto-related companies like Coinbase Global Inc. and Robinhood Markets Inc., as well as interests in crypto-focused investment funds, including Multicoin Capital and Blockchain Capital.
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Why it’s important
Sacks’ decision to sell these assets aligns with efforts to prevent potential conflicts of interest in his governmental role. As the newly appointed advisor, he is tasked with shaping the legal framework for the cryptocurrency industry. By liquidating his holdings, Sacks aims to maintain impartiality and uphold ethical standards within the administration.
This move comes amid the Trump administration’s initiatives to integrate cryptocurrencies into national financial strategies, including proposals for a U.S. Crypto Reserve. Sacks’ divestment underscores the administration’s commitment to ethical governance while navigating the evolving landscape of digital assets.
