David Sacks Crypto Sell-Off: $200M in Digital Assets Sold Before White House Role

David Sacks, the newly appointed AI and cryptocurrency affairs chief, has sold over $200 million in digital asset-related investments before taking office.

Sacks Sells $85 Million In Personal Crypto Holdings

A White House memo revealed that Sacks sold his cryptocurrency holdings through personal accounts and his company, Craft Ventures. This included at least $85 million of his own investments, while Craft Ventures still holds some crypto-related funds. 

Notably, the disclosure, dated March 5, is 11 pages long, much longer than the two-page one from Robert F. Kennedy Jr., the new Health and Human Services secretary. Sacks’ sales of his assets are very different from others in the administration and come after Trump’s first term, where conflicts of interest were often ignored.

Sacks Responds To Criticisms

Sacks responded to criticism from officials like Senator Elizabeth Warren, who raised concerns about his financial ties to cryptocurrencies. Ahead of the White House Crypto Summit, Senator Warren sent a letter to Sacks, raising concerns about potential conflicts of interest and urging him to disclose his holdings in bitcoin, ether, solana, and other assets linked to Trump’s strategic reserve proposal.

Sacks and his venture firm sold all their cryptocurrency, including bitcoin, ether, solana, and shares in Coinbase and Robinhood. He also started selling his stake in crypto investment funds like Multicoin Capital and Blockchain Capital. He still has a small amount of digital assets left, less than 0.1% of his total investments, and plans to sell them soon.

President Trump holds a major stake in Trump Media & Technology Group, which owns Truth Social, and has launched several crypto projects that could be affected by government policies. Elon Musk Elon Musk   Elon Musk is a tech expert, Entrepreneur and the person behind Tesla, SpaceX, and X. He is hailed as one of the leading influencers of crypto. His tweets, especially for Bitcoin (BTC) and Dogecoin (DOGE), can move the crypto market upside-down.   Recently, Musk flipped an idea of integrating crypto payments with X. This move will futher facilitate crypto payments and make the X a 'Super App'.   He often participates in crypto debates and wants to educate investors about blockchain technology and the benefits of DeFi. He also supports Trump's crypto prospectives and wants a clear policy for the same.   Quick Facts   Full name Elon Reeve Musk Birth 28-07-1971, Pretoria, South Africa Nationality American, South African, Canadian Education BA, BS from the University of Pennsylvania Known for Entrepreneur, Crypto Influencer   Elon Musk - Career Highlights & Events   2020 – Tesla gained interest and backed Bitcoin   2021 – Elon Musk’s Tesla purchases $1.5B worth of Bitcoin. Accepts it as a payment method   2022 – Boosts Dogecoin (DOGE) as its integration is tested in Tesla's commodities assets   2023 – Announced crypto payment attributes for X   2024 – Advocated for crypto-based financial infrastructure at global occasions.   NAsales@teslamotors.com EntrepreneurInvestorChief Executive Officer CEO of Tesla, SpaceX, and other companies, is also one of Trump’s top advisers and could influence regulations to benefit his businesses.

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Cabinet Members Hold Major Stakes

Just days before his inauguration, Trump launched a meme token called TRUMP through his company CIC Digital LLC, which controls 80% of the coin. The Trump family also gets 75% of the profits from a crypto bank called World Liberty Financial, launched last year.

Besides, Musk, heading DOGE, relies on government contracts like SpaceX’s $1.8 billion deal for spy satellites. Also, reports also show that several cabinet members, including Commerce Secretary Howard Lutnick, have significant investments in cryptocurrencies. Lutnick, who recently left Cantor Fitzgerald, reportedly made hundreds of millions through ties to Tether.