David Sacks and his investment firm, Craft Ventures, have sold over $200 million in cryptocurrency since he was appointed as the White House’s AI and crypto czar under President Donald Trump. According to a memo, Sacks liquidated his holdings in Bitcoin, Ethereum, and Solana.
Before divesting, Sacks also held shares in Robinhood and Coinbase. Additionally, he was a limited partner in major crypto venture capital firms like Multicoin Capital and Blockchain Capital, alongside 90 other investors.
Still Holding Some Crypto Investments
Although he has sold most of his crypto assets, Sacks and Craft Ventures still own stakes in certain companies. His investments in BitGo, a crypto custody firm, and Lightning Labs, a Bitcoin protocol developer, make up 2.5% and 1.1% of his total assets, respectively. However, the government has waived any conflict of interest concerns regarding these holdings.
In a post on X (formerly Twitter) in March, Sacks clarified, “I sold all my cryptocurrency (including BTC, ETH, and SOL) before the administration began.”
He and Craft Ventures did not respond to requests for further comments.
Controversy Over Trump’s Crypto Policy
A memo about Sacks' crypto investments surfaced after social media users raised concerns about a potential conflict of interest. The controversy grew when Trump announced in early March that certain cryptocurrencies, including Solana, would be included in a national crypto reserve. Critics claimed this move could benefit Sacks financially.
The backlash intensified after Trump officially approved the creation of a strategic Bitcoin reserve and a digital asset stockpile. Political analyst Ryan Grim criticized the decision, calling it “a direct transfer of wealth from the U.S. treasury to David Sacks and other crypto barons.”
Industry Leaders Defend Sacks
Sacks denied any wrongdoing, emphasizing that he had already sold most of his crypto holdings. Several crypto leaders also supported him. Cameron Winklevoss, co-founder of Gemini, stated, “He is doing tremendous work and will not benefit financially to avoid even the slightest appearance of conflict.”
Sacks’ Role in AI & Crypto Policy
Trump appointed Sacks as AI and crypto czar in December, putting him in charge of shaping regulations for artificial intelligence and cryptocurrency. As a former PayPal executive, Sacks now plays a key role in influencing the government’s approach to these industries.
