President Trump’s Crypto Czar David Sacks Denies Dumping His Holdings

President Trump’s Crypto Czar David Sacks, a key figure in U.S. crypto policy, has spoken out against media reports that claimed he “dumped” his cryptocurrency holdings.

President Trump’s crypto czar, David Sacks, has hit back at media reports that claimed he had ‘dumped’ his cryptocurrency holdings.

Taking to X, Sacks, a key figure in U.S. crypto policy, clarified that his decision to sell was a required divestment, not a sudden sell-off meant to crash the market.

The controversy started when reports claimed that Sacks, the White House’s crypto policy leader, had offloaded his holdings despite the market remaining stable. This led to speculation that he had lost faith in the sector.

However, Sacks noted that his decision had nothing to do with market trends and was purely a matter of following government rules.

“Is it possible that the press could be making things up again? Apparently not. My firm, Craft Ventures, sold over $200 million in digital assets (BTC, ETH, SOL, etc.) as part of a complete and total divestment of assets required by the government before I began my role in the administration,” Sacks said in a tweet post on Thursday.

The statement comes in response to a report by The Block, which asserted that Sacks's actions were "a striking scene in the drama of crypto's rise and fall." The report claimed that Sacks's actions would likely be viewed negatively by the crypto community.

Sacks, however, expressed annoyance at the media's angle on the story, arguing that such narratives harm the image of cryptocurrency. He pointed out that crypto is often unfairly scrutinized, despite its growing role in the financial world.

“The angle of this story is interesting—the press is reporting it as a negative thing (which I guess makes sense since they do prefer bad news). But it's also ironic given how quickly and viciously they turn on anything they deem 'hot' or 'overhyped,'” he added.

The statement aimed to reassure the crypto community that his decision was a legal requirement rather than a personal judgment on the market’s future.

Sacks's post drew mixed reactions, with some showing support and others remaining skeptical. Many in the crypto space also spoke out against the media's take on the story.

“They sell clicks, not ethics,” Binance's former CEO Changpeng Zhao (CZ) commented on Friday, referring to the news articles that spun the narrative negatively.

Similarly, David Nage from Arca argued that the media's narrative reflects a misunderstanding of cryptos.

"The angle of the story is also ironic given how quickly and viciously the press turn on anything they deem 'hot' or 'overhyped.' But isn't that the nature of the news cycle? Perhaps we shouldn't be surprised," Nage added.

Even Bankless co-owner David Hoffman added another perspective, saying that many people outside of crypto don't want to believe in its success. He argued that negative headlines cater to those who feel uncomfortable seeing others profit from digital assets.

"Everyone's making this story about the good or bad angle, but I think it hits on something else: A deep-seated skepticism towards anything that appears to generate easy riches, especially in an economic downturn, tends to fester in the minds of many," Hoffman stated.

With crypto becoming more political, the debate over regulations and government involvement will likely continue. But for now, Sacks remains firm his crypto sale wasn't a reckless move, but a necessary step under government rules.