Key Takeaways
- David Sacks sold over $200M in Bitcoin and digital assets before joining the White House.
- Senator Elizabeth Warren is questioning the timing and impact of his divestments.
- Sacks opposes new Bitcoin transaction taxes and supports a Strategic Bitcoin Reserve.
David Sacks, the new White House AI and Bitcoin Czar, sold over $200 million in digital assets and related investments before assuming his government position, according to a White House memo.
Personal & firm divestments
Sacks personally divested at least $85 million in digital assets, including Bitcoin, Ethereum, and Solana.
His venture firm, Craft Ventures, also exited positions in companies like Coinbase and Robinhood, along with stakes in investment firms such as Multicoin Capital and Blockchain Capital.
Most of these sales occurred before President Donald Trump’s inauguration on January 20, with additional divestments in the following days.
The memo notes that any remaining holdings make up less than 0.1% of his portfolio and will soon be sold.
Scrutiny from Senator Elizabeth Warren
Despite his efforts to eliminate conflicts of interest, Sacks faces scrutiny from Senator Elizabeth Warren, who has questioned the timing of his divestments and whether associates profited from price swings.
Bitcoin hit an all-time high of $109,000 just before Trump’s inauguration, then dropped below $80,000 in February.
Sacks has denied any wrongdoing, stating that his sell-off was solely to maintain ethical integrity.
Involvement in digital asset policy
Sacks remains involved in shaping digital asset policy and has proposed a Strategic Bitcoin Reserve funded through seized assets.
He has also opposed new transaction taxes, arguing they could expand over time.
