David Sacks and his venture capital firm load more than $ 200 million in crypto-related stocks and he started his role as the White House AI and Crypto Czar, a White House memorandum revealed.
“You and the Craft Ventures have diverted more than $ 200 million positions related to the digital asset industry, of which $ 85 million is directly linked to you,” Says The memorandum dated March 5.
Selling off crypto in an effort to avoid conflict of interest
The memorandum said the “significant steps” were taken to reduce potential conflicts of interest before the sacks began as his tenure as the White House Ai and Crypto Czar – where a major part of its role is to help create a legal framework for the crypto industry.
The sacks offloaded all the “liquid cryptocurrencies” to his portfolio, as well as the Craft Ventures Portfolio-the investment firm he founded in 2017-including Bitcoin (Btc), Ether (Eth), and Solana (Sol) Before President Donald Trump’s inauguration on January 20.
The memorandum outlined which cryptocurrencies and crypto stocks David Sacks were sold before Trump’s inauguration. Source: The White House
The sacks also divested from the public to have been exchanged by crypto-related companies, including Coinbase (coins), Robinhood (Hood), and stakes with private digital asset companies.
In addition, he sold his limited interest in Solana’s partner dedicated to the Multichain Capital and Crypto dedicated to venture capital firm Blockchain Capital. At the same time, the ventures of the craft have loaded its holdings to the Multichain Capital and Bitwise Management Management.
Sen. Warren the sacks to prove that he no longer holds crypto
Memorandum dated one day before Massachusetts Senator Elizabeth Warren The sacks were urged in a letter of March 6 to prove that he could no longer hold any digital ownership, following Sacks’ claim to an X post that he sold all his crypto.
“Despite your public statements by X, it remains unclear exactly if you are personally -disted from BTC, ETH, and Sol, when the vessel adventures from Bitwise, and if people close to you ‘can have positions and sold at the recent price climbing,” Warren said.
Since the sacks started the paper, he became a powerful voice advocate in various issues in the crypto industry, from importance of a strategic bitcoin reserve To not ensure the crypto industry.
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The sacks recently closed the Idea of Crypto transaction taxes At a stage of All In Podcast after host Jason Calacanis suggested charging a 0.01% tax on each cryptocurrency transaction.
“That is always how taxes start. They are described as extremely modest,” Sacks said.
“You know, when the income tax starts, it is only applied like a thousand Americans, and lawmakers swear and down that it will not apply to the people in the middle,” Sacks added.
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