Source: Cointelegraph Original: "{title}"
A White House memo shows that before David Sacks took on the role of head of artificial intelligence and cryptocurrency at the White House, he and his venture capital firm sold over $200 million worth of cryptocurrencies and cryptocurrency-related stocks.
The memo, dated March 5, states: "You and Craft Ventures have divested over $200 million in positions related to the digital asset industry, of which $85 million directly belongs to you."
Selling off crypto assets is to avoid conflicts of interest.
The memo states that "significant steps" were taken to reduce potential conflicts of interest before Sacks began his role as head of artificial intelligence and cryptocurrency at the White House. One of his main responsibilities in this position is to help create a legal framework for the cryptocurrency industry.
Before President Trump was inaugurated on January 20, Sacks sold all "liquid cryptocurrencies" in his portfolio and in the investment firm Craft Ventures, which he co-founded in 2017, including holdings of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
This memo outlines the cryptocurrencies and cryptocurrency-related stocks that David Sacks sold before Trump's inauguration. Source: White House
Since Trump's inauguration, the cryptocurrency market has significantly declined amid a broader market slump, with many attributing this to the tariff policies proposed by Trump and the uncertainty of U.S. interest rates.
Although Bitcoin reached an all-time high of $109,000 just hours before Trump was sworn in as the 47th President of the United States, its price recently fell below $80,000 on February 27, erasing all gains made after the election. According to CoinMarketCap, Bitcoin was trading at $84,155 at the time of this article's publication.
Sacks also sold shares in publicly traded companies related to cryptocurrency, including Coinbase (COIN), Robinhood (HOOD), and stakes in some private digital asset companies.
Additionally, he sold his limited partner interests in Multichain Capital, which focuses on Solana, and Blockchain Capital, a venture capital firm focused on cryptocurrency. Meanwhile, Craft Ventures also sold its holdings in Multichain Capital and Bitwise Asset Management.
Senator Warren urges Sacks to prove he no longer holds crypto assets.
On March 6, Massachusetts Senator Elizabeth Warren wrote to Sacks urging him to prove that he no longer holds any digital assets, with the memo's date being the day before this letter. Previously, Sacks had claimed on the X platform that he had sold all his crypto assets.
Warren stated: "While you publicly declared this on the X platform, it remains unclear when you personally sold Bitcoin, Ethereum, and Solana, when Craft Ventures sold its shares in Bitwise, and whether those closely associated with you 'may still hold positions and sell during recent price surges.'"
Since Sacks began his cryptocurrency-related role at the White House, he has been actively vocal on various issues facing the cryptocurrency industry, from the importance of strategic Bitcoin reserves to avoiding excessive taxation on the cryptocurrency sector.
Recently, during an episode of the All In podcast, host Jason Calacanis proposed a 0.01% tax on every cryptocurrency transaction, to which Sacks refuted the idea.
Sacks stated: "Taxes always start this way. Initially, they are described as very moderate."
Sacks also added: "You know, when income tax was first introduced, it only applied to about a thousand Americans, and lawmakers swore it would never apply to the middle class."
Related: David Sacks opposes the idea of taxing cryptocurrency transactions.
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