Crypto Czar David Sacks Confirms He No Longer Holds Direct Crypto Assets Amid Government Ethics Review
David Sacks, the White House AI & Crypto Czar, has confirmed that he has no direct cryptocurrency investments due to his government role. The former PayPal COO and venture capitalist disclosed that he...
David Sacks, the White House AI & Crypto Czar, has confirmed that he has no direct cryptocurrency investments due to his government role.
The former PayPal COO and venture capitalist disclosed that he had previously owned Bitcoin, Ethereum, and Solana but sold these holdings before taking office, as referenced by Venture Capital correspondent George Hammond in a recent X post.
“Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration,”
Sacks stated.
While he has divested from direct crypto ownership, reports indicate that Sacks still has indirect exposure through his investment firm, Craft Ventures. The firm has backed several crypto-related companies, including Bitwise Asset Management, BitGo, Lightning Labs, and Dune. However, sources cited in a Financial Times report claim that both Sacks and Craft Ventures sold their direct crypto holdings shortly after President Donald Trump took office.
Sacks is undergoing a government ethics review and will provide an update on his financial interests. He has exited direct crypto investments to maintain neutrality and avoid conflicts of interest before taking on a regulatory role.
Sacks’ statement follows President Trump’s recent announcement that the U.S. is advancing plans to establish a national crypto strategic reserve. The proposed reserve would include major digital assets such as Bitcoin, Ethereum, XRP, Solana, and Cardano.
“I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!”
Trump declared on Truth Social.
Notably, On December 6, 2024, Trump appointed Sacks as the AI & Crypto Czar responsible for shaping federal artificial intelligence and cryptocurrency policy. He will lead the Presidential Council of Advisors for Science and Technology to promote innovation and U.S. competitiveness in emerging technologies. Sacks will act as a liaison between the White House, Congress, and agencies like the SEC and CFTC. Trump praised him for his business experience, intelligence, and pragmatism.
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