David Sacks, the AI whiz and crypto czar for the White House, is firing back at the media for painting an unfair picture of his decision to sell off his digital assets. The headlines screamed “crypto dump,” but Sacks is here to set the record straight: it's all about ethics, baby!
In a lively post on X, Sacks took a swing at the doom-and-gloom narratives swirling around his crypto exit. He explained that his move to liquidate wasn't a sign of losing faith in the crypto world but a step he had to take to play by the government's rulebook.
According to the ethics watchdogs over at the U.S. Office of Government Ethics, folks in Sacks' shoes need to part ways with their digital coins before they dive into crafting crypto policies. Earlier in the month, Sacks confirmed he'd sold off his digital treasures, and a government memo spilled the beans that he and his firm, Craft Ventures, parted with over $200 million in crypto as he stepped into his new role.
Before Sacks took the plunge into politics, he and Craft Ventures had their fingers in a lot of crypto pies. They had shares in big players like Robinhood and Coinbase and were tied up with venture capital outfits Multicoin Capital and Blockchain Capital.
While Craft Ventures still has a foot in the crypto startup scene, Sacks has wiped his hands clean from direct crypto dealings. However, he's still hanging onto slivers of interest in crypto custody heavyweight BitGo and Bitcoin trailblazers Lightning Labs, which together make up a small slice of his financial pie.
Sacks found himself under the spotlight after President Donald Trump announced plans to create a national digital assets reserve, which included cryptocurrencies like Solana. Critics were quick to suggest that Sacks might be using his position to feather his own nest. But Sacks was ready with a swift retort, telling the world he'd sold off a hefty chunk of his crypto stash to steer clear of any shady business.
Backing him up was none other than Cameron Winklevoss, co-founder of Gemini, who chimed in on X, praising Sacks for his dedication to steering clear of any hint of a conflict of interest. So, there you have it—Sacks is on a mission to keep it clean while keeping the crypto conversation alive!
