White House Crypto Czar David Sacks says he’s sold off all his crypto holdings

David Sacks, the White House’s AI and Crypto Czar, confirmed Sunday night that he sold his entire crypto portfolio before taking office in the Trump administration.

“I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration,” Sacks posted on X. The statement followed a report from the Financial Times that said he was “in the process” of a government ethics review. Once complete, he is expected to provide a full update on his financial holdings.

Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration. https://t.co/dN6nuGQUtu

— David Sacks (@DavidSacks) March 3, 2025

Sacks shuts down speculation about indirect crypto exposure

XRP lawyer John Deaton weighed in on the news, saying, “David deserves credit here. Many will say he doesn’t deserve anything because he did what one should do, but there are a lot of people who wouldn’t. Obviously he still has investments in crypto companies, but the Crypto Czar doesn’t own crypto itself.”

Despite his personal exit from crypto, Sacks still has connections to the industry through his venture capital firm, Craft Ventures. The firm has invested in multiple crypto-focused startups and previously held direct crypto assets, but according to FT, it offloaded those holdings shortly after Trump’s inauguration.

But not everyone is convinced that Sacks is completely detached from crypto. Adam Cochran, managing partner at Cinneamhain Ventures, questioned in an X post: “I respect that, but for clarity sake, I assume that doesn’t include you LP position in crypto funds, angel investments in crypto related equity, exposure to Bitwise, or exposure to crypto via carry in your prior firm, right?”

Responding to speculation, Sacks denied claims that he had indirect holdings through Craft Ventures’ investments in Bitwise. “I had a $74k position in the Bitwise ETF which I sold on January 22. I do not have “large indirect holdings.” I’ll provide an update at the end of the ethics process,” said Sacks.

Sacks co-founded Craft Ventures in 2017, which recently closed a $712 million fund in November. The firm has backed major crypto players, including Bitwise Asset Management and BitG.

Meanwhile, his disclosure comes at a critical time for the market. The Trump administration is preparing for the first White House Crypto Summit, scheduled for March 7. The event will bring together industry leaders to discuss regulations, stablecoins, and a potential U.S. crypto reserve.

Since being appointed in December, Sacks has led efforts to establish a clearer regulatory framework for crypto. He chairs the President’s Digital Asset Working Group, which has been working on stablecoin legislation and aligning Senate and House committees on crypto policy.