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White House Reveals David Sacks Sold $200M in Bitcoin, Ether, and Other Digital Assets Before New Role
The White House has disclosed that David Sacks, the newly appointed AI and crypto czar, divested over $200 million in digital assets, including Bitcoin and Ethereum, prior to taking on his new role. At least 85% of these transactions are directly attributed to Sacks himself.
According to a memorandum dated March 5, Sacks cleared this transaction before commencing his work at the White House. He stressed that he paid taxes on these gains and refrained from using his government position to benefit personally from market fluctuations.
The divestment process was completed before January 20, when President Trump began his second term. The liquidated assets included cryptocurrencies such as Bitcoin, Ethereum, and Solana, along with positions in the Bitwise 10 Crypto Index Fund. Additionally, Sacks relinquished his personal shares in publicly traded companies Coinbase and Robinhood, as well as stakes in private digital asset companies.
Furthermore, he liquidated his limited partner interests in crypto-focused investment funds, including Multicoin Capital and Blockchain Capital. His venture capital firm, Craft Ventures, also sold its holdings in Multicoin Capital and Bitwise Asset Management, Inc.
Although Sacks has divested a substantial portion of his digital assets, he still maintains exposure to the industry through venture capital funds managed by Craft Ventures. This residual investment comprises less than 2.5% and 1.2% of his total asset holdings for BitGo and Lightning Labs, respectively.
As a special government employee, Sacks was not eligible for tax relief typically extended through certificates of divestiture. Instead, he opted to pay taxes on the liquidated assets.
Sacks will chair the President’s Working Group on Digital Asset Markets and co-chair the President’s Council of Advisors on Science and Technology. His duties will involve promoting dollar-backed stablecoins and ensuring regulatory clarity for blockchain technologies as mandated by Executive Order 14178.
The White House granted Sacks a limited ethics waiver to participate in digital asset policy matters, considering his remaining minor holdings in private crypto companies through Craft Ventures.
Source: https://cryptobriefing.com/crypto-asset-divestment-sacks-white-house/
