The White House's AI and Crypto Czar David Sacks confirmed Sunday night he sold his entire crypto portfolio right before joining the Trump administration.
"I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration," Sacks tweeted.
Sacks' statement was in response to a report from the Financial Times citing him as being "in the process" of a government ethics review, after which he is slated to provide a "full update on his holdings."
While Sacks appears to have personally exited direct crypto ownership, his venture capital firm Craft Ventures still maintains investments in several crypto-focused startups, according to the report shared in Sacks' thread. Per the FT, the firm divested itself of its direct cryptocurrency holdings shortly after Trump’s inauguration.
But some, like Adam Cochran, managing partner at Cinneamhain Ventures, questioned if Sacks' statement includes his LP (liquidity pool) position among "crypto funds, angel investments in crypto related equity, exposure to Bitwise, or exposure to crypto via carry" in his previous firm.
The confirmation ostensibly addresses questions about potential conflicts between Sacks' personal investments and his new role in shaping federal crypto policy.
Sacks also refuted claims in a Community Note that he had “large indirect holdings” due to Craft Ventures’ investments in crypto asset management firm Bitwise, tweeting that it was “a lie.”
“I had a $74k position in the Bitwise ETF which I sold on January 22,” he said, adding that he would “provide an update at the end of the ethics process.”
Decrypt has reached out to Sacks and Craft Ventures, and will update this article should they respond.
The White House’s ‘Crypto Czar’
Appointed in December last year, Sacks chairs the President's Digital Asset Working Group and has been working to establish regulatory frameworks for the crypto industry. Industry stakeholders have generally welcomed Sacks' appointment, seeing his technological background as valuable for developing informed regulations.
Sacks brings significant industry experience to his role. His venture firm, Craft Ventures, invested in numerous blockchain and crypto-focused projects, while he also has personal experience with crypto investments stretching back to 2012.
The administration has emphasized creating clear regulatory standards that encourage domestic innovation while providing appropriate oversight, with some proponents suggesting new rules to cover broader developments in the sector.
The White House has announced several initiatives under Sacks' first few months of leadership, including potential stablecoin legislation and the formation of a coordinated effort between Senate and House committees to develop coherent crypto policy.
The former venture capitalist's disclosure regarding his crypto holdings comes as he prepares to lead the inaugural White House Crypto Summit on March 7, where President Trump is poised to deliver remarks to "prominent founders, CEOs, and investors from the crypto industry," according to a separate tweet from Sacks' White-House affiliated account.
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