Trump Advisor David Sacks Sold $200 Million in Crypto Assets Before White House Role
The White House has confirmed that David Sacks and his venture capital firm sold more than $200 million in cryptocurrency and crypto-related stocks before he took on his role as the White House AI and crypto czar. A White House memorandum dated March 5 detailed these sales, according to Cointelegraph reporting.
"You and Craft Ventures have divested over $200 million of positions related to the digital asset industry, of which $85 million is directly attributable to you," stated the memorandum. The document explained that these were "significant steps" taken to reduce potential conflicts of interest.
A major part of Sacks' new role involves helping create a legal framework for the cryptocurrency industry. Since Trump's inauguration, the crypto market has experienced a significant decline amid a broader market downturn. Many attribute this to Trump's proposed tariffs and uncertainty over US interest rates.
Bitcoin reached an all-time high of $109,000 just before Trump was sworn in as the 47th US president. It later fell below $80,000 on February 27, erasing all post-election gains. At the time of publication, Bitcoin was trading at $84,155, according to CoinMarketCap data.
The policy landscape is evolving rapidly, with Representative Byron Donalds introducing legislation to protect Trump's strategic Bitcoin reserve from future administrations. The Florida Republican's bill would make the reserve a permanent part of U.S. policy, requiring significant congressional action to reverse it.
Sacks' divestments included:
- Publicly traded crypto-related firms like Coinbase and Robinhood
- Stakes in private digital asset companies
- Limited partner interest in Solana-focused Multichain Capital
- Interest in crypto-focused venture capital firm Blockchain Capital
The memorandum came one day before Massachusetts Senator Elizabeth Warren sent Sacks a letter on March 6. Warren asked him to prove he no longer holds any digital assets, following his claim on X that he had sold all his crypto holdings.
Since taking the White House crypto role, Sacks has advocated on various issues in the crypto industry. He has spoken about the importance of a Strategic Bitcoin Reserve and against over-taxing the crypto industry. On an episode of the All In Podcast, Sacks opposed crypto transaction taxes after host Jason Calacanis suggested a 0.01% tax on every cryptocurrency transaction.
