David Sacks and his enterprise capital agency offloaded over $200 million in crypto and crypto-related shares earlier than he commenced his position because the White House AI and crypto czar, a White House memorandum disclosed.
“You and Craft Ventures have divested over $200 million of positions related to the digital asset industry, of which $85 million is directly attributable to you,” said the memorandum dated March 5.
Crypto sell-off in an effort to stop battle of curiosity
The memorandum stated the “significant steps” had been taken to scale back potential conflicts of curiosity earlier than Sacks started his tenure because the White House AI and crypto czar — wherein a serious a part of his position is to assist create a authorized framework for the crypto business.
Sacks offloaded all of the “liquid cryptocurrency” in his portfolio, in addition to Craft Ventures’ portfolio — the funding agency he co-founded in 2017 — together with holdings in Bitcoin (BTC), Ether (ETH), and Solana (SOL) earlier than US President Donald Trump’s inauguration on Jan. 20.
The memorandum outlined which cryptocurrencies and crypto-related shares David Sacks bought previous to Trump’s inauguration. Source: The White House
Sacks additionally divested from publicly traded crypto-related companies, together with Coinbase (COIN), Robinhood (HOOD), and stakes in personal digital asset corporations.
Additionally, he bought his restricted accomplice curiosity in Solana-focused Multichain Capital and crypto-focused enterprise capital agency Blockchain Capital. At the identical time, Craft Ventures offloaded its holdings in Multichain Capital and Bitwise Asset Management.
Sen. Warren urged Sacks to show he not holds crypto
The memorandum is dated at some point earlier than Massachusetts Senator Elizabeth Warren urged Sacks in a March 6 letter to show he not holds any digital belongings, following Sacks’ declare in an X submit that he bought off all his crypto.
“Despite your public statements via X, it remains unclear exactly when you personally divested from BTC, ETH, and SOL, when Craft Ventures divested from Bitwise, and whether people close to you ‘may have held positions and sold into the recent price surge,” Warren stated.
Since Sacks commenced the position, he has been a powerful vocal advocate on numerous points within the crypto business, from the significance of a Strategic Bitcoin Reserve to not over-taxing the crypto business.
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Sacks lately shut down the idea of crypto transaction taxes on an episode of the All In Podcast after host Jason Calacanis proposed charging a 0.01% tax on each cryptocurrency transaction.
“That’s always how taxes start. They are described as being very modest,” Sacks stated.
“You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people,” Sacks added.
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