David Sacks Sells Crypto Holdings Amid Concerns
David Sacks sold all direct crypto holdings, addressing potential conflicts of interest before starting as Trump’s AI & Crypto Czar.
Sale of Crypto Holdings
On March 3, Sacks confirmed that he sold all his cryptocurrency, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), prior to taking office. This decision raised eyebrows about potential conflicts of interest in his new role.
Criticism and Concerns
Critics highlighted Sacks’ ties to Bitwise, a firm offering ETFs for various cryptocurrencies. As founder of Craft Ventures, which invests in crypto startups, ongoing scrutiny over his financial connections remains. In response to social media speculations, Sacks denied indirect holdings through Bitwise, mentioning that he had sold a $74k position in the Bitwise ETF in January. An ethics review on his financial interests is underway.
Trump’s Strategic Crypto Reserve
Sacks’ announcement coincided with Donald Trump’s plan to establish a U.S. strategic crypto reserve, which will include Bitcoin and Ether. This unprecedented government backing for digital assets led to a significant market surge, with Bitcoin rising 8% and Ether 9.7%, contributing to a global crypto market cap of $3.02 trillion, reflecting a 6.27% gain in a day.
The crypto community braces for further market volatility and clarity in regulations under Trump’s leadership.
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