Trump’s Crypto Czar Says He Didn’t ‘Dump’ His Bitcoin and Ethereum, But Instead ‘Divested’
David Sacks, the White House-appointed ‘Crypto Czar,’ claimed on Tuesday that he would not have sold his cryptocurrency assets if not for federal ethics restrictions.
What Happened: Sacks took to X to criticize the media’s portrayal of his cryptocurrency transactions before to joining the government. He added, “Why does the media consistently depict cryptocurrency in a negative light? I didn’t “dump” my cryptocurrency; I divested it.
Sacks, a long-time Bitcoin investor, said that he would have “preferred not to” sell his stash, but
According to the United States Office of Government Ethics, officials who have personally invested in cryptocurrencies must sell their holdings before working on cryptocurrency-related policies.
Earlier this month, Sacks revealed that he had sold all of his cryptocurrency holdings, including Bitcoin, Ethereum, and Solana, before joining the Trump administration. His investment firm, Crypto Ventures, still owns investments in a few cryptocurrency startups, but he no longer has direct exposure to digital assets.
Why It Matters:
Since President Donald Trump appointed Sacks as the ‘Crypto Czar’ in December 2024, his withdrawal from cryptocurrencies has been a matter of concern.
Sacks revealed earlier this month that he unloaded his cryptocurrency holdings, including Bitcoin (BTC/USD), Ethereum (ETH/USD), and Solana (SOL/USD), before entering the Trump administration.
While his investment firm, Crypto Ventures, still has investments in a few cryptocurrency startups, Sacks does not have direct exposure to digital assets.
Sacks has been a renowned Trump supporter. He, together with well-known venture entrepreneur Chamath Palihapitiya, threw a party at his home last year, raising $12 million for Trump’s presidential campaign.