David Sacks, the AI and crypto advisor for the Trump administration, sold over $200 million in digital asset investments through his firm Craft Ventures before taking the job. At least $85 million of the sales were directly attributed to Sacks. The White House counsel’s memo revealed these divestments, which stand out as a contrast to other administration members who have disregarded conflicts of interest. President Trump and Elon Musk also have significant investments in digital assets and cryptocurrencies, with Trump launching a memetoken and owning a stake in a crypto bank, and Musk holding stakes in various businesses that could benefit from favorable regulations.
Sacks sold off all liquid cryptocurrency holdings, including bitcoin, ether, and solana, as well as shares in Coinbase and Robinhood. He also began liquidating his stake in private digital asset companies. Some digital asset-related holdings remain in his portfolio, but their sale is described as imminent. The disclosure of Sacks’ divestments follows criticisms from public officials like Senator Elizabeth Warren about potential conflicts of interest. Trump signed an executive order creating a Strategic Bitcoin Reserve funded by tokens seized in criminal cases, excluding other cryptocurrencies. Sacks clarified that the U.S. Digital Asset Stockpile will hold other confiscated cryptocurrencies managed by the Treasury Department.
These actions showcase Sacks’ efforts to avoid any appearance of conflicts of interest in his current role. While other administration members and advisors have substantial investments in digital assets and cryptocurrencies, Sacks has taken steps to divest from such holdings to prevent conflicts and ensure transparency in his duties as an advisor.
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