David Sacks and his investment company Craft Ventures have sold more than $ 200 million in crypto assets since President Donald Trump appointed Sacks like the IA and the Czar of the White House crypto, according to a Bitcoin, Ethereum and Solana, according to the memo. Sacks also owned actions in Robinhood online brokerage and the Coinbase Exchange crypto. And he was a limited partner in the capital funds of venture capital of Crypto Funds Capital and Blockchain Capital, as well as 90 other VC.
While Sacks has sold most of his cryptographic participations, he and Craft Ventures still have equity in a series of companies. His actions of the Crypto Bitgo custody company and the developer of the Bitcoin Lightning Labs protocol earned approximately 2.5% and 1.1% of its total assets, according to the memo. The government, however, has agreed to give up conflicts of interest regarding the bags and current challenges of the cryptography companies.
“I sold all my cryptocurrencies (including BTC, ETH and Sol) before the start of the administration,” said Sacks in a job On X earlier in March.
He and his companies Craft Ventures did not immediately respond to a request for comments.
As of March 5, the memo on the interests of bags in cryptographic industry follows the rumbles of social media according to which the AI and the Cryptographic Tsar risked mixing its own business with the cryptographic transactions of the government. After Trump announced in early March that some cryptocurrencies, including Solana, would be included in a national cryptography reserve, critics said This sacks stimulated his own wallet.
And more opposite dishes have spoken against bags once Trump has officially authorized the creation of a strategic bitcoin reserve and a stock of digital assets later that week. “This is a direct transfer of wealth of the American treasury to David Sacks and other crypto barons”, ” said Ryan Grim, who manages a popular account on X and a political newsletter.
Sacks auta that he had sold a large part of his cryptocurrency participations and that the Crypto leaders came to his defense. “He does a huge job and will not share any of the economic advantages to avoid even the slightest appearance of a conflict,” said Cameron Winklevoss, co -founder of crypto exchange Gemini, poster on X.
Trump appointed Sacks as his AI and his Crypto Tsar in December. The entrant president then said that Sacks, who is a former Paypal executive, would guide the policy on the regulations of artificial intelligence and cryptocurrencies.
This story was initially presented on Fortune.com
