David Sacks, the first-ever AI and Crypto Czar for the White House, confirmed on X that he sold his cryptocurrency holdings prior to the start of the Trump administration.
"Correct. I sold all my cryptocurrency (including BTC , ETH, and SOL) before the start of the administration. I’ll provide an update at the end of the ethics process."
— David Sacks
Sacks' comment came in response to concerns emerging online over potential conflicts of interest regarding Sacks' ties to Bitwise, which offers an exchange-traded fund that invests in Bitcoin, Ethereum, XRP, Solana and Cardano. Sacks founded Craft Ventures, which retains stakes in crypto startups, including Bitwise.
On Sunday, U.S. President Donald Trump said on social media that his planned "Crypto Strategic Reserve" will include Bitcoin and Ether and that he has directed his crypto working group to “move forward” on a reserve consisting of SOL, XRP and ADA.
Trump's posts about crypto reserves have sparked a rally in the crypto market, with tokens like XRP and ADA posting large daily gains. Trump will address crypto industry leaders at the inaugural Crypto Summit at the White House on March 7.