David Sacks, Recently Appointed as the White House A.I. & Crypto Czar, Has Sold Over $200M Worth of Cryptocurrency Investments

David Sacks, recently appointed as the White House A.I. & Crypto Czar, has sold over $200 million worth of cryptocurrency investments.

Recently appointed White House A.I. & Crypto Czar, David Sacks, has sold over $200 million in cryptocurrency investments to avoid any potential conflicts of interest in his new role, according to a report by the White House.

Sacks disclosed the sales of his Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) assets, along with the Bitwise 10 Crypto Index Fund (BITW). He also sold his stock in major cryptocurrency companies, including Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD).

Additionally, Sacks divested his investment funds from Multicoin Capital, Blockchain Capital, and Bitwise Asset Management. However, he retains investment positions in several funds that fall under Craft Ventures.

Donald Trump appointed Sacks to this position as part of his broader initiative to reform the American tech and crypto industries. Sacks, previously known for his role as Chief Operating Officer of PayPal, is a significant figure in the financial and technological domains.

Sacks completed most of his sales for compliance purposes before Trump was sworn in on January 20. The bulk of the assets were sold after Trump assumed office in January 20.

Sacks sold off all of his investments from the BITW fund, which included Bitcoin, Ethereum, XRP, Cardano (ADA), and Solana, on January 22. The assets in the newly formed U.S. Strategic Bitcoin Reserve (SBR) include businesses like those from the Bitcoin mining operations acquired by Craft Ventures.

To avoid any potential questions of bias, Sacks terminated all of his investment positions with crypto-focused firms Blockchain Capital and Multicoin Capital. The investment portfolio of Craft Ventures includes ownership positions in Lightning Labs, along with AL Ventures, Beldore Capital Fund, and BitGo. A White House memo confirms that his current holdings do not pose any immediate conflicts with his new role.

It is worth noting that Sacks made his final cryptocurrency sale shortly after Senator Elizabeth Warren asked the public to provide information on his financial ties to the crypto industry. Senator Warren had expressed concerns over the U.S.’s plans to establish the Strategic Bitcoin Reserve and expand digital asset policies.