Trump’s Crypto Advisor Sells $200 Million in Assets Before Taking Office

WASHINGTON, D.C. — David Sacks, appointed by President Donald Trump as the administration’s AI and crypto czar, divested over $200 million in digital asset investments before officially beginning his role. This revelation was made public in a White House disclosure memo on March 5, which indicated that at least $85 million of the sales were personally attributable to Sacks.

The memo, exceeding 11 pages, highlighted Sacks’ divestment activities contrast sharply with the ethical concerns raised about previous administrations, particularly surrounding conflicts of interest. Sacks stated, “I sold roughly $200 million in crypto because I didn’t want to even have the appearance of a conflict,” during an appearance on the All-In podcast.

Among the assets he sold were popular cryptocurrencies such as Bitcoin, Ethereum, and Solana, along with shares in public companies like Coinbase and Robinhood. His firm, Craft Ventures, also severed ties with investment funds related to crypto, minimizing potential conflicts as he stepped into his new advisory role.

This comprehensive sell-off transpired just before Sacks was confirmed for his position in the Trump administration, which initiated a strategic Bitcoin reserve aimed at enhancing the U.S. government’s position in the digital asset market. Sacks’s strategic decisions came under scrutiny, as Senator Elizabeth Warren voiced concerns in a letter to him about potential conflicts given his financial interests. Warren demanded transparency over his holdings in cryptocurrencies such as Cardano and XRP, all of which are involved in Trump’s strategic reserve proposal.

Despite our ongoing concerns, the Trump administration granted Sacks a blanket ethics waiver, allowing him to engage in regulatory discussions surrounding the digital asset industry while retaining limited interests in digital asset funds. The memo stated that Sacks’ interests were deemed minor compared to Craft Ventures’ overall portfolio, which includes a small percentage of holdings in companies like Lightning Labs and BitGo.

In a further commitment to avoid conflicts, Sacks is restricted from acquiring new digital asset holdings during his government tenure, which is capped at 130 days each year as a special government employee. His unique role also encompasses overseeing policies related to artificial intelligence technology, highlighting the expanding influence of tech leaders within governmental regulatory frameworks.