David Sacks, known as the ‘Crypto Czar’ of the White House, recently confirmed that he sold all his crypto, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), before taking his position under the Trump administration.
The sharing comes from Sacks on X, responding to an article from the Financial Times that reported his choice and that of his venture capital company, Craft Ventures, to sell their cryptocurrencies immediately after Trump’s inauguration.
Details on the sale of crypto by David Sacks
David Sacks stated that he sold all his criptovalute before the start of the Trump administration. Thus emphasizing his willingness to avoid conflicts of interest in his new role at the White House.
The confirmation comes in a post on X on March 2, where Sacks made it clear that the sale included BTC, ETH, and SOL.
His company, Craft Ventures, has maintained holdings in some startups in the crypto sector. However, he chose to liquidate his digital assets to align with the new company policy.
Founded by Sacks in 2017, Craft Ventures closed its latest fund in November, raising 712 million dollars. Among its holdings, there are prominent companies in the crypto sector such as Bitwise Asset Management and BitG.
The announcement from Sacks comes at a crucial moment for the cryptocurrency market. Meanwhile, the Trump administration is preparing to host the first White House Crypto Summit on March 7.
This event will feature industry leaders to discuss regulations, stablecoin, and the proposal of a strategic reserve of cryptocurrencies in the United States.
In a context of growing institutional interest, Sacks’s decision to sell his personal assets could be seen as an attempt to maintain a neutral and transparent approach in his role of managing crypto policies at the White House.
Furthermore, Trump’s son, Eric, praised the announcement of the strategic cryptocurrency reserve, calling it a brilliant move that favors retail investors.
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Future Prospects
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The commitment of the Trump administration in the cryptocurrency sector could lead to significant regulatory and market evolutions.
The initiative to create a strategic reserve of cryptocurrencies is seen as a step towards consolidating the position of the United States as a leader in the bull crypto sector.
However, it remains to be seen how these policies will influence institutional investors and market dynamics.
In summary, David Sacks’s decision to sell his cryptocurrencies before taking on his role at the White House underscores the complexity and importance of transparently managing personal and professional interests in a rapidly evolving sector.
The question remains: how will these decisions influence the future of cryptocurrencies in the United States?
