David Sacks, the U.S. government’s newly appointed crypto czar, has confirmed that he no longer holds any cryptocurrency since stepping into his role. Sacks, who is currently undergoing a government ethics review, stated that he liquidated his crypto assets before assuming his position in the Trump administration.
Sacks Confirms Exit from Direct Crypto Holdings
On March 3, Sacks responded to a post by Venture Capital correspondent George Hammond regarding his non-existent crypto holdings. Sacks confirmed that he previously owned Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), but sold all his cryptocurrency holdings before taking on his role in the administration.
“Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration,” Sacks wrote in an X post.
Indirect Crypto Exposure Through Venture Investments
Although Sacks has divested from direct crypto holdings, he remains indirectly exposed to the sector through his investments. His firm, Craft Ventures, reportedly has stakes in several crypto-related companies, including Bitwise Asset Management, BitGo, Lightning Labs, and Dune. A Financial Times report cited an inside source claiming that both Sacks and Craft Ventures sold their direct crypto holdings shortly after President Trump’s inauguration.
Sacks’ full financial holdings update is expected to be disclosed as part of the government ethics review. By selling his crypto assets before assuming office, Sacks aims to avoid any perceived bias or conflicts of interest in shaping U.S. cryptocurrency policy.
Trump’s Crypto Reserve Plans and Sacks’ Role
Sacks’ announcement follows President Trump’s declaration that the U.S. government is moving forward with plans to establish a strategic crypto reserve. The initiative will include major tokens such as Bitcoin, Ethereum, XRP, Solana, and Cardano.
“I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!” Trump wrote on Truth Social.
Who is the Crypto Czar?
David Sacks was appointed as the White House’s official “AI & Crypto Czar” on December 6, 2024. His role involves guiding policy for artificial intelligence and cryptocurrency, two sectors Trump has identified as critical to U.S. economic competitiveness.
Sacks, a former COO of PayPal and a well-known venture capitalist, has been an influential figure in tech and finance. He was also a co-host of the popular All-In Podcast. Trump praised Sacks for his “business experience, intelligence, and pragmatism,” expressing confidence in his ability to shape the administration’s approach to crypto regulation.
Sacks’ move to divest from crypto holdings underscores his commitment to maintaining regulatory impartiality. As he navigates his role as the U.S. crypto czar, market participants and policymakers will closely monitor how his leadership influences the country’s crypto and AI strategies.
