David Sacks, the White House's AI and crypto guru, is firing back at the media for spinning his crypto sell-off story into something it's not. The headlines have been buzzing with claims that he “dumped” his digital assets, but he's here to set the record straight.
Sacks insists his decision to sell off his crypto stash wasn't due to a crisis of faith in digital currencies. Nope, it was all about playing by the rules—government ethics regulations, to be exact. In a lively post on X, Sacks quipped, “Why does the media always want to portray crypto in the worst light? I did not ‘dump’ my cryptocurrency; I divested it.”
Let's break it down: According to the U.S. Office of Government Ethics, if you're involved in crypto policymaking, you can't have personal stakes in digital assets. So, when Sacks got his new gig, he had some decisions to make. Earlier this month, he confirmed he sold off all his digital assets, a move that included over $200 million from his investment firm, Craft Ventures, and at least $85 million from his personal stash.
Before you think he’s out of the crypto game entirely, Craft Ventures still has a toe in the digital waters with investments in crypto startups. Sacks himself holds indirect stakes in BitGo and Lightning Labs, but these are just tiny slivers of his overall wealth pie.
The plot thickened when President Trump announced plans for a national digital assets reserve, including cryptocurrencies like Solana. Some skeptics were quick to whisper that Sacks might be using his insider status to feather his own nest. But Sacks waved off the rumors, emphasizing that he had already cleared his portfolio to dodge any conflicts of interest.
In his corner, he has heavyweights like Cameron Winklevoss, co-founder of Gemini, cheering him on. Winklevoss took to X to rally support, saying Sacks is “doing tremendous work and will not be sharing in any of the economic upside to avoid even the slightest appearance of a conflict.”
So, there you have it—David Sacks isn't dumping crypto; he's just making sure his ethics game is strong. And in the fast-paced world of digital assets, that's a story worth following!
