David Sacks Confirms Selling Crypto Holdings Before Joining Trump Administration

White House AI and Crypto Czar David Sacks has confirmed that he sold all his cryptocurrency holdings before taking up his role in the Trump administration.

Some of the assets the official previously owned included Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

Sack’s Announcement

Responding to a Financial Times article shared by journalist George Hammond on March 2, Sacks stated on X, “Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL).”

The report revealed that while Sacks’s venture capital firm, Craft Ventures, continues to invest in crypto startups, he and the company sold off all digital assets they directly owned after President Donald Trump took office. It also mentioned that he is currently undergoing an official ethics review.

Sacks established Craft Ventures in San Francisco in 2017, and the firm has since launched four investment funds. The most recent one closed in November, securing $712 million. According to its official website, the company has stakes in Bitwise Asset Management, crypto custodian BitGo, and social media giants Meta, Reddit, and X.

Last week, Sacks said President Trump will host the first-ever White House crypto summit on March 7. The event will bring together key industry players and members of the Working Group on Digital Assets.

The group, chaired by the South African-born entrepreneur, is exploring the possibility of creating a national crypto stockpile and a regulatory framework for dollar-pegged stablecoins. On March 2, Trump announced that the proposed stockpile would comprise Bitcoin, Ethereum, Solana, Cardano (ADA), and Ripple (XRP), among others.

Promise Kept

Following the President’s statement, Sacks, appointed to his new position in December last year, said he was “keeping his promise to make the U.S. the crypto capital of the world.”

Eric Trump, Executive Vice President of the Trump Organization, also praised the move, calling it a “genius” strategy to announce a strategic reserve on a Sunday when traditional markets were closed.

He highlighted that retail investors had won for the first time, and crypto markets surged 12% in response. Most of the assets Trump mentioned as potentially making up the national reserve were at the forefront of the rally, with ADA and XRP up 52% and 18%, respectively, at the time of going to press.