David Sacks, the White House AI and Crypto Czar, recently confirmed that he divested all of his cryptocurrency holdings before stepping into his role within the Trump administration. Some of the assets he previously owned included prominent cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Sacks’s Announcement
In response to a Financial Times report shared by journalist George Hammond on March 2, Sacks publicly stated on the platform X, “Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL).” This announcement followed revelations that while Sacks’s venture capital firm, Craft Ventures, continues investing in crypto startups, he and the company sold off all digital assets post-Donald Trump’s inauguration. Furthermore, Sacks is currently undergoing a formal ethics review.
Sacks founded Craft Ventures in San Francisco in 2017, which has since launched four investment funds, the last of which closed in November with an impressive $712 million raised. Craft Ventures holds interests in various significant firms, including Bitwise Asset Management and crypto custodian BitGo, alongside major social media platforms like Meta, Reddit, and X.
In addition to his announcement, Sacks indicated that President Trump is set to host the inaugural White House crypto summit on March 7, bringing together essential industry stakeholders and members of the Working Group on Digital Assets. This group, chaired by Sacks, is exploring the feasibility of establishing a national crypto stockpile and a regulatory framework for dollar-pegged stablecoins. Notably, Trump disclosed on March 2 that the proposed stockpile would include a diverse array of cryptocurrencies, such as Bitcoin, Ethereum, Solana, Cardano (ADA), and Ripple (XRP).
Promise Kept
Following the President’s announcement, Sacks, who was appointed to his new role in December last year, affirmed his commitment to making the United States the global leader in cryptocurrency. His vision aligns with Eric Trump, Executive Vice President of the Trump Organization, who commended the timing of the strategic reserve announcement, describing it as a “genius” strategy, particularly given it was made on a Sunday when traditional markets remained closed.
Eric Trump emphasized that this move represented a significant win for retail investors, observable through a 12% surge in crypto markets. Notably, the cryptocurrencies mentioned as part of the national reserve saw remarkable increases, with ADA and XRP rising by 52% and 18%, respectively, shortly thereafter.
This ongoing dialogue around crypto in the White House represents a significant shift in policy and investment strategy, with potential ramifications for both the market and regulatory landscape in the future.
