White House-appointed ‘Crypto Czar,’ David Sacks, revealed He Might Not Have Sold His Cryptocurrency Holdings

input: White House-appointed ‘Crypto Czar,’ David Sacks, revealed Tuesday he might not have sold his cryptocurrency holdings

"Crypto Czar" and White House-appointee David Sacks revealed on Tuesday that he might not have sold his cryptocurrency holdings if not for government ethics rules.

What Happened: Sacks took to X to criticize the media portrayal of his cryptocurrency moves. He wrote, "Why does the media always want to portray cryptocurrency in the worst light? I did not 'dump' my cryptocurrency; I divested it."

According to the U.S. Office of Government Ethics, officials who are personally invested in cryptocurrencies need to divest their holdings before they can work on cryptocurrency-related policies.

Earlier this month, Sacks confirmed that he had liquidated all his cryptocurrency holdings, including Bitcoin, Ethereum, and Solana, prior to joining the Trump administration. His investment firm, Crypto Ventures, still retains stakes in a few crypto startups, but he no longer has direct exposure to digital assets.

Earlier this year, Trump appointed the former Goldman Sachs Group Inc. (NYSE:GS) banker to spearhead the U.S. cryptocurrency strategy.

The news of Sacks' crypto divestment comes as Trump's administration continues to face pressure from crypto leaders to ease regulations on the industry.

Earlier this month, several crypto executives met with the president and his administration officials to discuss the industry's stance on the Securities and Exchange Commission's actions and the implications of the administration's policies.

The crypto executives, including Changpeng Zhao, CEO of Binance, and Ben Armstrong, host of the popular crypto podcast "The Benzinga Hour," expressed their concerns over the SEC's stance on crypto and the need for a more streamlined regulatory framework.

Their conversation also touched upon the implications of Trump's policies on the industry, given the president's open support for Bitcoin and blockchain technology.

The meeting signals the increasing influence of the cryptocurrency industry on government policy, especially with the upcoming presidential election in mind.