David Sacks and his enterprise capital agency Craft Ventures liquidated over $200 million in cryptocurrency and crypto-related shares earlier than he assumed his position because the White Home AI and crypto czar, based on a March 5 memorandum from the White Home.
“You and Craft Ventures have divested over $200 million of positions associated to the digital asset business, of which $85 million is instantly attributable to you,” the memo acknowledged.
The doc outlined that Sacks took vital steps to cut back potential conflicts of curiosity earlier than taking the place, the place he’s tasked with serving to develop a regulatory framework for the crypto business.
Crypto and Inventory Holdings Offloaded Earlier than Trump’s Inauguration
Earlier than Donald Trump was sworn in because the forty seventh U.S. president on January 20, Sacks liquidated all his private cryptocurrency holdings, together with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Craft Ventures additionally offered off its crypto investments, making certain that neither Sacks nor his agency held digital property upon his appointment.
Sacks additionally divested from publicly traded crypto companies corresponding to Coinbase (COIN) and Robinhood (HOOD), together with stakes in personal digital asset firms.
Moreover, he exited his restricted companion pursuits in Solana-focused Multichain Capital and Blockchain Capital, whereas Craft Ventures offloaded its holdings in Multichain Capital and Bitwise Asset Administration.
Since Trump’s inauguration, the crypto market has skilled a downturn, with many attributing the decline to uncertainty surrounding U.S. rates of interest and proposed tariffs.
Bitcoin had reached an all-time excessive of $109,000 simply hours earlier than Trump took workplace, however by February 27, it had fallen under $80,000, wiping out all post-election good points.
As of publication, Bitcoin is buying and selling round $84,155, based on CoinMarketCap.
The memorandum surfaced in the future earlier than Senator Elizabeth Warren despatched a March 6 letter demanding that Sacks show he not holds any cryptocurrency.
The request adopted Sacks’ public assertion on X confirming that he had offered all his crypto holdings.
Appropriate. I offered all my cryptocurrency (together with BTC, ETH, and SOL) previous to the beginning of the administration. https://t.co/dN6nuGQUtu
— David Sacks (@DavidSacks) March 3, 2025
Warren questioned the timing of Sacks’ divestment, asking for transparency relating to when he and Craft Ventures offloaded their positions and whether or not people near him benefited from the current worth surge earlier than promoting.
Sacks’ Views on Crypto Regulation
Since assuming his position on the White Home, Sacks has been a vocal advocate for the crypto business.
He has pushed for a Strategic Bitcoin Reserve and warned towards extreme taxation on digital property.
Most just lately, on the All In Podcast, he rejected the concept of a crypto transaction tax, after host Jason Calacanis proposed a 0.01% tax on all cryptocurrency transactions.
“That’s at all times how taxes begin. They’re described as being very modest,” Sacks warned, referencing how earnings tax was initially utilized to just a few Individuals earlier than increasing to the broader inhabitants.
President Donald Trump has beforehand proposed eliminating the federal earnings tax and changing it with tariffs on imported items.
He has argued that tariffs as soon as totally funded the U.S. authorities within the nineteenth century, a interval he described as an period of serious prosperity.
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