David Sacks unloaded hundreds of millions of dollars worth of digital asset-related investments prior to starting his job as the Trump administration’s artificial intelligence (AI) and crypto czar.
According to a White House memo issued by Presidential Counsel David A. Warrington, Sacks and his investment firm Craft Ventures liquidated their crypto holdings, including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), before Trump started his second term on January 20th.
Sacks also sold his position in the Bitwise 10 Crypto Index Fund (BITW) and unloaded his shares in Coinbase (COIN), Robinhood (HOOD) and private digital asset companies as well as limited partner interests in crypto-focused investment funds, including Multicoin Capital and Blockchain Capital.
The White House adds that Sacks started to sell his limited partner interests in roughly 90 venture capital funds “out of an abundance of caution” as the firms may choose to invest in the digital asset industry.
Warrington says Sacks and Craft Ventures disposed of over $200 million worth of investments in the digital asset industry, including at least $85 million personally held by Sacks, in a bid to protect the integrity of his position as special advisor for crypto.
“Crucially, you have already taken significant steps to minimize potential conflicts of interest due to digital asset holdings – divesting from hundreds of millions of dollars in digital assets or digital asset-related industry entities.”
While Sacks has either liquidated or is in the process of unloading his remaining exposure to the digital asset industry, the memo notes that Craft Ventures still has interests in crypto-related firms, including the token management platform BitGo, proof-of-space and proof-of-time blockchain Chia Network and blockchain-based gaming developer Dapper Labs.
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