White House Issues Statement on Cryptocurrency Chief’s $200 Million Cryptocurrency Stash Following Alarming Allegations

David Sacks, the Trump administration’s newly appointed artificial intelligence and cryptocurrency chief, divested himself of more than $200 million in digital asset-related investments before assuming his role, according to an ethics memo from the White House. The statement outlines Sacks' personal and firm-wide sales, aiming to avoid potential conflicts of interest. The White House memo, written by attorney David Warrington, said Sacks personally sold at least $85 million in digital assets, while the rest was liquidated through his venture capital firm Craft Ventures, which also retains some investments in funds with exposure to digital assets. The 11-page statement, dated March 5, contrasts with a much shorter two-page document submitted by newly appointed Health and Human Services Secretary Robert F. Kennedy Jr. Sacks’s sales stand in stark contrast to those of other administration officials, especially given past concerns about conflicts of interest during Trump’s first presidency. Despite Sacks’ sell-off efforts, other prominent figures in the administration remain deeply involved in the crypto space. President Donald Trump owns a significant stake in Truth Social’s parent company, Trump Media & Technology Group. Trump has also launched a number of crypto ventures, including a memecoin called TRUMP through CIC Digital LLC, which owns 80% of its supply. His family also benefits from 75% of the revenues generated by World Liberty Financial, a crypto bank founded last year. Related News: Do Wall Street Experts Expect a Bull in Bitcoin After Declines? Here's What They Say Elon Musk, who serves as head of the Department of Government Efficiency (DOGE), also has significant financial interests that intersect with government policy. For example, Musk’s SpaceX company signed a $1.8 billion contract with the National Reconnaissance Office to build a network of spy satellites. Sacks’s sell-off has drawn public attention, including criticism from Massachusetts Sen. Elizabeth Warren, the Democrat who chairs the Senate Banking Committee. Ahead of the White House Crypto Summit last week, Warren sent a letter questioning Sacks’ financial ties to Bitcoin, Ethereum, Solana and other assets mentioned in Trump’s strategic reserve proposal. Sacks’ ethics filing shows that he and Craft Ventures have liquidated all of their liquid crypto assets, including Bitcoin, ETH, SOL, and positions in the Bitwise 10 Crypto Index Fund, Coinbase, and Robinhood. He has also begun to reduce his investments in private digital asset companies, including limited partner stakes in Multicoin Capital and Blockchain Capital. While there are a few digital asset holdings remaining in its portfolio, these collectively represent less than 0.1% of its total investment assets, and the note notes that their sale is “certain and imminent.” *This is not investment advice. Continue Reading: White House Issues Statement on Cryptocurrency Chief’s $200 Million Cryptocurrency Stash Following Alarming Allegations