Trump’s Crypto Czar David Sacks says he sold crypto holdings before administration began
Quick Take
- Sacks wrote on X that he had sold off his cryptocurrency holdings, including Bitcoin, Ether and Solana, before U.S. President Donald Trump took office.
- Sacks’ comment came after concerns emerged online over potential conflicts of interest.
David Sacks, the first-ever AI and Crypto Czar for the White House, confirmed on X that he sold his cryptocurrency holdings prior to the start of the Trump administration.
"Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) before the start of the administration," Sacks wrote on X on Sunday, reposting a screenshot of a Financial Times report. The report highlighted potential conflicts of interest and cited a source saying Sacks had sold his crypto holdings.
Sacks' comment came in response to concerns emerging online over potential conflicts of interest regarding Sacks' ties to Bitwise, which offers an exchange-traded fund that invests in Bitcoin, Ethereum, XRP, Solana and Cardano, among other tokens. Sacks founded Craft Ventures, which retains stakes in crypto startups, including Bitwise.
The Financial Times reported, citing a source familiar with the matter, that Sacks is undergoing an official ethics review and will disclose updates on his crypto holdings later.
In response to an X community note claiming that Sacks has indirect crypto holdings from investing in Bitwise, he refuted the claims. "This community note is a lie. I had a $74k position in the Bitwise ETF which I sold on January 22. I do not have 'large indirect holdings,'" Sacks said. "I’ll provide an update at the end of the ethics process."
On Sunday, U.S. President Donald Trump said on social media that his planned "Crypto Strategic Reserve" will include Bitcoin and Ether and that he has directed his crypto working group to “move forward” on a reserve consisting of SOL, XRP and ADA.
"President Trump has announced a Crypto Strategic Reserve consisting of Bitcoin and other top cryptocurrencies," Sacks also wrote on X. "This is consistent with his week-one E.O. 14178. President Trump is keeping his promise to make the U.S. the 'Crypto Capital of the World.' More to come at the Summit."
Trump's posts about crypto reserves have sparked a rally in the crypto market, with tokens like XRP and ADA posting large daily gains.
Trump will address crypto industry leaders at the inaugural Crypto Summit at the White House on March 7.
The story has been updated with an additional X post from Sacks.
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