US AI and Crypto Czar David Sacks Divests Over $200 Million in Digital Assets Before Taking Office
| Key Points: – Before taking office as the US AI and crypto czar, David Sacks sold over $200 million in digital assets to avoid conflicts of interest. – Sacks received a waiver from conflict-of-interest regulations and was appointed chair of the President’s Working Group on Digital Asset Markets. – Despite divesting most holdings, Sacks and other top officials in the Trump administration still maintain financial ties to cryptocurrency. |
David Sacks, the newly appointed US AI and crypto czar, sold more than $200 million in digital assets through his personal holdings and investment firm, Craft Ventures, before assuming his role in the Trump administration.
The move was intended to mitigate potential conflicts of interest as he steps into a key advisory position on digital asset policies.
Crypto Czar David Sacks Sells Over $200 Million in Crypto Before Taking Office
According to a March 5 memorandum from the White House, Sacks personally divested at least $85 million worth of cryptocurrency-related assets. His liquidation included Bitcoin, Ethereum, and Solana, as well as stakes in the Bitwise 10 Crypto Index Fund, Coinbase, and Robinhood.
The disclosure also reveals that he began withdrawing from limited partnership positions in crypto-focused investment firms such as Multicoin Capital and Blockchain Capital. He also exited minority stakes in blockchain-related companies, including Animoca Brands, Open Deal Inc., and Amalgamated Token Services Inc.
White House Grants Waiver for Crypto Policy Role
While the crypto czar has divested the majority of his crypto holdings, Craft Ventures still maintains investments in certain digital asset funds.
Sacks’s financial disclosures indicate that his remaining equity in crypto firms BitGo and Lightning Labs accounts for approximately 2.5% and 1.1% of his total assets, respectively. Despite these ongoing stakes, the government granted a waiver, allowing him to serve in his advisory role.
The memorandum granting Sacks an exemption from conflict-of-interest regulations underscores his significant influence in shaping the administration’s approach to digital assets.
The crypto czar was also named chair of the President’s Working Group on Digital Asset Markets, reinforcing his authority over crypto-related policy decisions.
Top Officials in Trump Administration Retain Crypto Investments
Sacks’ appointment aligns him with a group of ultra-wealthy individuals in the administration, where the combined net worth of 12 of Trump’s wealthiest appointees is estimated at nearly $400 billion, according to Bloomberg. He confirmed his divestments in a social media post on X earlier this month.
The exit from these investments contrasts with other figures in the administration, some of whom continue to hold significant financial stakes in digital assets.
The 11-page disclosure detailing Sacks’ financial moves contrasts sharply with other members of the administration, such as Health and Human Services Secretary Robert F. Kennedy Jr., whose financial disclosure spanned only two pages.
Since Trump’s inauguration, the crypto market has experienced a downturn, coinciding with broader economic uncertainties. Market analysts attribute the decline to factors such as Trump’s proposed tariffs and ongoing speculation about US interest rate policies.
Trump himself retains substantial financial interests beyond real estate, including a major stake in Trump Media & Technology Group, the parent company of Truth Social. He has also launched multiple cryptocurrency-related projects, which could be affected by government policy decisions. Additionally, billionaire Elon Musk, a key adviser to the president, holds significant influence in regulatory matters while overseeing Tesla, SpaceX, and AI startup xAI.
Beyond Sacks and Musk, several cabinet members reportedly have sizable crypto investments. Commerce Secretary Howard Lutnick, who previously led Cantor Fitzgerald, is said to have made hundreds of millions of dollars through the firm’s connections to Tether.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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