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- David Sacks sold all his Bitcoin, Ethereum, and Solana holdings before taking his role as White House crypto czar to avoid conflicts of interest.
- Critics question his role despite being a part-time official, while Trump’s memecoin venture also faces scrutiny.
- The crypto industry pushes back against regulatory pressure, citing hostility, debanking, and political interference.
David Sacks, the newly appointed White House crypto czar, revealed in a social media post on Sunday that he divested all his cryptocurrency holdings before assuming his position in the Trump administration.
“I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration,” Sacks stated on X, aiming to address potential concerns regarding conflicts of interest.
Sacks spearheads the administration’s approach to digital assets and artificial intelligence (AI), holding a key role in shaping policy. This week, he will chair the White House Crypto Summit, where top executives from the digital asset sector will discuss the establishment of the country’s first crypto reserve, among other pressing industry topics.
Beyond his government role, Sacks co-founded San Francisco-based venture capital firm Craft Ventures, where he previously had exposure to digital assets. He acknowledged having invested $74,000 in a Bitwise exchange-traded fund (ETF) but confirmed that he liquidated that position on January 22.
“I do not have ‘large indirect holdings,’” he stated, pushing back against speculation about lingering financial ties to the crypto market.
White House Crypto Summit Faces Scrutiny
Despite stepping into his role as a part-time “special government employee,” a designation that exempts him from mandatory divestiture rules imposed on full-time officials, Sacks’ involvement in crypto policy has raised eyebrows.
The scrutiny extends beyond him. President Donald Trump’s recent foray into the crypto space with the launch of a memecoin has also drawn criticism. The Washington-based consumer advocacy group Public Citizen has called for investigations into whether Trump’s crypto project violates ethics laws.
“A president soliciting money from the general public for his enrichment would be a reprehensible abuse of the presidency,” said Bartlett Naylor, a financial services advocate at Public Citizen. The group urged the Department of Justice and the Office of Government Ethics to investigate the matter thoroughly.
Public Citizen also accused the digital asset sector of pouring millions into political campaigns to sway policymakers. However, the crypto industry contends it is under siege, citing years of alleged regulatory hostility, debanking, and government overreach.
As Sacks prepares to host the White House Crypto Summit, the digital asset sector remains at a crossroads, navigating political scrutiny while pushing for regulatory clarity in an evolving landscape.
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