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 J. Trump is a US-based entrepreneur, Pro-crypto Politician, and the 45th and 47th President of the United States of America. He understands the importance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto leader.   Quick Facts   Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Known For Businessman, Pro-Crypto Politician   Once doubtful about Bitcoindominance, he said in a tweet in 2019, “I am not a fan of Bitcoin", but now has a significant amount of cryptocurrency holdings in his kitty. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency.   Donald Trump - Career Highlights & Events   2016 – Elected as the 45th President of the United States from the Republican Party.   2017 – Signed the Tax Cuts and Jobs Act, impacting investment environments   2019 – Criticized Bitcoin and Libra on X, dubbing them as "not money"   2024 – Campaign signals potential openness to crypto-friendly reforms   2025 –  Elected as the 47th President of the United States from the Republican Party.   A meme coin, $TRUMP, is associated with Donald Trump, which is listed on the Solana blockchain platform. His family also backs World Liberty Financial (WLF), a crypto venture.     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.