{"id":125121,"date":"2025-03-15T01:19:58","date_gmt":"2025-03-15T01:19:58","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125121"},"modified":"2025-03-15T01:19:58","modified_gmt":"2025-03-15T01:19:58","slug":"sacks-and-his-vc-firm-sold-over-200m-in-crypto-and-stocks-before-wh-role","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125121","title":{"rendered":"Sacks and his VC firm sold over $200M in crypto and stocks before WH role"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsDavid Sacks and his venture capital firm offloaded over $200 million in crypto and crypto-related stocks before he commenced his role as the White House AI and crypto czar, according to a White House memorandum.<br \/>\n\u201cYou and Craft Ventures have divested over $200 million of positions related to the digital asset industry, of which $85 million is directly attributable to you,\u201d the March 5 dated memorandum said.<br \/>\nCrypto sell-off in an effort to prevent conflict of interest<br \/>\nThe memorandum said the \u201csignificant steps\u201d were taken to reduce potential conflicts of interest before Sacks began his tenure as the White House AI and crypto czar \u2014 in which a major part of his role is to help create a legal framework for the crypto industry.<br \/>\nSacks offloaded all the \u201cliquid cryptocurrency\u201d in his portfolio, as well as Craft Ventures&#8217; portfolio \u2014 the investment firm he co-founded in 2017 \u2014 including holdings in Bitcoin (BTC), Ether (ETH), and Solana (SOL), before US President Donald Trump\u2019s inauguration on Jan. 20.<br \/>\nThe memorandum outlined which cryptocurrencies and crypto-related stocks David Sacks sold prior to Trump\u2019s inauguration. Source: The White HouseSacks also divested from publicly traded crypto-related firms, including Coinbase (COIN), Robinhood (HOOD), and stakes in private digital asset companies.<br \/>\nAdditionally, he sold his limited partner interest in Solana-focused Multichain Capital and crypto-focused venture capital firm Blockchain Capital. At the same time, Craft Ventures offloaded its holdings in Multichain Capital and Bitwise Asset Management.<br \/>\nSen. Warren urged Sacks to prove he no longer holds crypto<br \/>\nThe memorandum is dated one day before Massachusetts Senator Elizabeth Warren urged Sacks in a March 6 letter to prove he no longer holds any digital assets, following Sacks\u2019 claim in an X post that he sold off all his crypto.<br \/>\n\u201cDespite your public statements via X, it remains unclear exactly when you personally divested from BTC, ETH, and SOL, when Craft Ventures divested from Bitwise, and whether people close to you \u2018may have held positions and sold into the recent price surge,\u201d Warren said.<br \/>\nSince Sacks commenced the role, he has been a strong vocal advocate on various issues in the crypto industry, from the importance of a Strategic Bitcoin Reserve to not over-taxing the crypto industry.<br \/>\nRelated: Bitcoin panic selling costs new investors $100M in 6 weeks \u2014 Research<br \/>\nSacks recently shut down the idea of crypto transaction taxes on an episode of the All In Podcast after host Jason Calacanis proposed charging a 0.01% tax on every cryptocurrency transaction.<br \/>\n\u201cThat\u2019s always how taxes start. They are described as being very modest,\u201d Sacks said.<br \/>\n\u201cYou know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people,\u201d Sacks added.<br \/>\nMagazine: Crypto fans are obsessed with longevity and biohacking: Here\u2019s why<a href=\"https:\/\/cointelegraph.com\/news\/david-sacks-sold-off-crypto-related-assets-prior-crypto-czar-white-house?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsDavid Sacks and his venture capital firm offloaded over $200 million in crypto and crypto-related stocks before he commenced his role as the White House AI and crypto&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125121"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125121"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125121\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125121"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}