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David Sacks, who is the AI and crypto czar for Donald Trump, recently disclosed that he and his firm, Craft Ventures, sold over $200 million in crypto assets before starting his new role.
The White House confirmed that at least 85% of this amount is directly linked to Sacks himself. This information was included in a memorandum dated March 5, which also granted him a limited ethics waiver to engage in digital asset policy discussions.
Sacks addressed these divestments during an appearance on the All-In podcast. He faced accusations of using his government position for personal financial gain in the crypto sector. However, he stated that he had cleared these matters beforehand and paid taxes on the sales, asserting that there would be no conflict of interest.
The divestments occurred before President Biden’s second term began on January 20, 2025. They included liquid assets like Bitcoin, Ethereum, and Solana, as well as investments in the Bitwise 10 Crypto Index Fund. Sacks also sold his shares in public companies such as Coinbase and Robinhood, along with interests in private digital asset firms.
Additionally, Sacks liquidated his limited partner interests in crypto-focused funds like Multicoin Capital and Blockchain Capital. Craft Ventures also sold its stakes in these funds.
Despite these sales, Sacks still has some exposure to the digital asset industry through venture capital funds managed by Craft Ventures, where he holds minor stakes in companies like BitGo and Lightning Labs.
As a special government employee, Sacks is not eligible for tax relief that is usually available through certificates of divestiture. He has also begun selling interests in around 90 venture capital funds, including Sequoia, which may have small digital asset holdings.
The White House allowed him to participate in digital asset policy matters, despite his remaining minor holdings, and he has agreed not to acquire new digital assets during his limited tenure.
