Author: BitpushNews Mary Liu
Recently, a memorandum disclosed by the White House revealed a significant move by Trump's AI and cryptocurrency advisor David Sacks before taking office: the sale of over $200 million in digital asset-related investments.
Liquidation Details
According to the memorandum written by White House legal advisor David Warrington, Sacks personally and through his venture capital firm Craft Ventures liquidated cryptocurrency and related assets before taking office.
The document shows that at least $85 million "directly belongs to Sacks." The sold assets include mainstream cryptocurrencies such as Bitcoin, Ethereum, and Solana, as well as shares in the Bitwise 10 Crypto Index Fund and stocks of Coinbase and Robinhood.
Additionally, Sacks began liquidating his stakes in private digital asset companies, including limited partner interests in crypto investment funds like Multicoin Capital and Blockchain Capital.
In a recent episode of the All-In podcast, Sacks explained that the sale was to avoid "any appearance of conflict of interest." He stated, "I don't want to leave any impression of a conflict of interest, especially with my upcoming government position."
How "Wealthy" is Sacks?
David Sacks is a legendary figure in Silicon Valley and one of the core members of the "PayPal Mafia." He joined Confinity (later renamed PayPal) in 1999 as Chief Operating Officer, driving the transformation of PayPal from a security software company to an electronic payment platform. In 2002, PayPal went public, making Sacks a star in Silicon Valley.
After PayPal, in 2008, Sacks founded the enterprise collaboration platform Yammer, which he sold to Microsoft for $1.2 billion in 2012. In 2017, he co-founded the venture capital firm Craft Ventures, focusing on early-stage SaaS and marketplace investments, managing over $3.3 billion in assets. Additionally, he has ventured into film production, investing in several well-known films such as "Thank You for Smoking" and "The Land of Dali."
As an angel investor, Sacks' portfolio includes over 20 tech unicorns such as Facebook, SpaceX, Uber, and Airbnb. His investment acumen is sharp, spanning various fields, including artificial intelligence and cryptocurrency.
Sacks is also one of the four hosts of the popular podcast "All-In," where he discusses technology, business, and political topics with Jason Calacanis, Chamath Palihapitiya, and David Friedberg. Since its launch in 2020, the podcast has attracted a large number of subscribers, becoming an important voice in the tech community.
Although Sacks' net worth has never been publicly disclosed, Forbes estimates it to be around $2 billion by the end of 2024. His wealth primarily comes from early equity in PayPal, the sale of Yammer, investment returns from Craft Ventures, and stakes in several unicorn companies. Additionally, he has invested in cryptocurrency projects like BitGo and Lightning Labs.
Trump's Cryptocurrency Advisor
In 2024, Sacks was appointed as Trump's AI and cryptocurrency advisor, responsible for formulating policies related to digital assets. He discussed how to make the U.S. a global leader in blockchain technology with other key legislators at the White House cryptocurrency summit. Sacks advocates for reducing excessive regulation of cryptocurrencies and actively promotes discussions on the regulation of stablecoins, decentralized finance (DeFi), and central bank digital currencies (CBDC).
On March 6, Trump signed an executive order announcing that the U.S. would establish a strategic Bitcoin reserve, which would be fully funded through tokens from criminal and civil forfeiture cases, ensuring no burden on taxpayers. Additionally, the order created a U.S. digital asset reserve managed by the Treasury Department to hold other seized cryptocurrencies. Sacks played a key role in this policy formulation as Trump's AI and cryptocurrency advisor.
At least six members of Trump's cabinet hold Bitcoin
Notably, several members of Trump's cabinet hold Bitcoin or other crypto assets.
According to financial disclosures from December 2024 to January 2025, six out of 22 cabinet members officially announced holding Bitcoin, including Health Secretary Robert F. Kennedy ($1 million to $5 million), Treasury Secretary Scott Bensent ($250,000 to $500,000), and Transportation Secretary Sean Duffy (over $550,000).
Manipulation Concerns
The potential conflicts of interest within the Trump administration regarding cryptocurrency have recently come under scrutiny, with Sacks claiming he had cleared all cryptocurrencies before taking on the advisory role. Notable economist Peter Schiff publicly questioned Sacks:
"What about your family, friends, and former colleagues? I'm sure they also hold these tokens, even if they may have sold them after the market surge following the policy announcement. I'm also certain that after Trump's victory, you gained significant personal benefits because his victory caused a stir, including your nomination and the campaign promises he made."
Although some cabinet members have pledged to divest from crypto assets to avoid conflicts of interest, their holdings may still influence policy-making, drawing criticism from several Democrats.
Senior Democrat Elizabeth Warren recently publicly called for the disclosure of the identities of those who helped Trump determine the strategic Bitcoin reserve assets and to confirm whether these individuals are bound by conflict of interest laws. She stated, "These actions could benefit billionaire investors, insiders in the Trump administration, and speculators, while harming middle-class families."
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