David Sacks Liquidates Bitcoin, Ethereum, and Solana Holdings to Sidestep Conflict of Interest Before Taking Office

In a significant development within the cryptocurrency regulatory landscape, David Sacks, the White House’s newly appointed chief for AI and cryptocurrency affairs, liquidated over $200 million in digital asset investments prior to assuming office, as reported by COINOTAG on March 15th. This strategic divestment involved personal holdings of $85 million and assets from his firm, Craft Ventures. Highlighting the commitment to transparency, Sacks expressed that these sales were intended to mitigate any potential conflict of interest perceptions.

Sacks completed the divestiture of his investments in major cryptocurrencies including Bitcoin, Ethereum, and Solana, as well as exiting positions in the Bitwise 10 Crypto Index Fund, Coinbase, and Robinhood. Furthermore, he has also initiated the process of reducing his exposure in notable crypto investment funds such as Multicoin Capital and Blockchain Capital. This decisive move underscores an increasing emphasis on regulatory compliance within the evolving digital asset ecosystem.