03.03.2025 11:04
In line with Trump's vision of making the U.S. "the world's cryptocurrency capital," the appointed AI and crypto czar David Sacks took an important step towards transparency. The founder of Craft Ventures, Sacks' transparency regarding his personal cryptocurrency assets became a notable development ahead of the strategic crypto reserve announced on March 2 and the first White House Crypto Summit scheduled for March 7.
David Sacks, the crypto czar of the White House's artificial intelligence initiative, confirmed that he sold all his cryptocurrency assets before U.S. President Donald Trump took office. In a statement on the X platform (formerly known as Twitter), Sacks said, "Before coming to the administration, I sold all my cryptocurrencies, including BTC, ETH, and SOL." This statement came in response to a Financial Times report that Sacks had retained stakes in some crypto ventures through his investment firm, Craft Ventures.
All Eyes on the Crypto Summit on March 7
David Sacks, the crypto czar appointed by Donald Trump in line with his vision to make the U.S. "the world's crypto capital," took an important step for transparency. Sacks' sale of his individual crypto assets was seen as a significant development ahead of Trump's strategic crypto reserve announcement on March 2 and the first 'White House Crypto Summit' scheduled for March 7.
According to shared information, both David Sacks and his company Craft Ventures sold their cryptocurrency assets directly after Trump took office. This sale aims to prevent potential conflicts of interest.
Craft Ventures, a San Francisco-based venture capital firm, was founded by Sacks in 2017. The firm has created four different funds to date. The latest fund closed in November, raising $712 million.
According to information on the official Craft Ventures website, the company has invested in Bitwise Asset Management, the crypto custody company BitGo, and social media giants Meta, Reddit, and X. Sacks also invested in the Solana (SOL)-focused venture capital firm Multicoin Capital in 2018.
In a previous post, Sacks stated that Trump "kept his promise to make the U.S. the world's crypto capital" following the announcement of the strategic crypto reserve on March 2. On March 7, Trump will host the first White House Crypto Summit, bringing together industry leaders and executives to discuss regulations, stablecoins, and the proposed U.S. crypto reserve.
President Trump's son, Eric Trump, expressed his appreciation for the strategic reserve announcement on a Sunday when traditional markets were closed and Wall Street was asleep. Eric Trump noted, "For the first time, individual investors are winning," highlighting that the crypto markets rose by 12% in response to the announcement, and commented, "Traditional finance needs to catch up, or it will quickly become obsolete."