Key Takeaways
- David Sacks bought over $200M in Bitcoin and digital belongings earlier than becoming a member of the White Home.
- Senator Elizabeth Warren is questioning the timing and impression of his divestments.
- Sacks opposes new Bitcoin transaction taxes and helps a Strategic Bitcoin Reserve.
David Sacks, the brand new White Home AI and Bitcoin Czar, bought over $200 million in digital belongings and associated investments earlier than assuming his authorities place, in accordance with a White Home memo.
Private & agency divestments
Sacks personally divested not less than $85 million in digital belongings, together with Bitcoin, Ethereum, and Solana.
His enterprise agency, Craft Ventures, additionally exited positions in corporations like Coinbase and Robinhood, together with stakes in funding companies akin to Multicoin Capital and Blockchain Capital.
Most of those gross sales occurred earlier than President Donald Trump’s inauguration on January 20, with further divestments within the following days.
The memo notes that any remaining holdings make up lower than 0.1% of his portfolio and can quickly be bought.
Scrutiny from Senator Elizabeth Warren
Regardless of his efforts to eradicate conflicts of curiosity, Sacks faces scrutiny from Senator Elizabeth Warren, who has questioned the timing of his divestments and whether or not associates profited from value swings.
Bitcoin hit an all-time excessive of $109,000 simply earlier than Trump’s inauguration, then dropped beneath $80,000 in February.
Sacks has denied any wrongdoing, stating that his sell-off was solely to take care of moral integrity.
Involvement in digital asset coverage
Sacks stays concerned in shaping digital asset coverage and has proposed a Strategic Bitcoin Reserve funded via seized belongings.
He has additionally opposed new transaction taxes, arguing they might develop over time.