Why Did ‘Crypto Czar’ David Sacks Sell All His Crypto Holdings? Here’s the Truth

March started strong for the crypto market, recovering from February’s steep losses—the worst since 2022. The rebound comes after President Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President reaffirmed his plan for a U.S. Crypto Strategic Reserve, boosting investor confidence. His pro-crypto stance has sparked optimism among traders, who expect more supportive policies.

While the market is still down, many believe March could bring a turnaround for major crypto assets.

David Sacks Confronts Controversy

As Trump’s crypto agenda gains momentum, his administration is working to avoid any accusations of favoritism. One key figure in the spotlight is David Sacks, Trump’s newly appointed AI and Crypto Czar. To prevent conflict-of-interest concerns, Sacks announced on X that he sold all his cryptocurrency holdings—including Bitcoin, Ethereum, and Solana—before officially taking office.

The move follows scrutiny over his ties to Bitwise, a firm managing crypto-focused exchange-traded funds (ETFs). Sacks, who co-founded Craft Ventures, an investment firm with stakes in several crypto startups, is currently undergoing an ethics review.

According to Financial Times, he is set to disclose more details about his financial links to the crypto sector.

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Trump’s Crypto Reserve Plan Fuels Market Optimism

Meanwhile, Trump has reinforced his pro-crypto stance, unveiling plans for a Crypto Strategic Reserve that would include Bitcoin, Ethereum, Solana, XRP, and Cardano. He has vowed to make the U.S. the “Crypto Capital of the World” and has instructed his team to move forward with the initiative.

According to Metaplanet CEO Simon Gerovich, if Trump follows through, it could push Japan and other Asian countries to adopt Bitcoin, accelerating global adoption.

Trump’s remarks have already triggered a market rally, with XRP and ADA seeing gains. Investors are now closely watching for further updates, especially at the upcoming White House Crypto Summit on March 7, where Trump is expected to reveal more about his crypto policies.