White House AI and crypto czar David Sacks has confirmed that he no longer owns any cryptocurrency. He said he sold all his holdings before President Donald Trump took office.
Responding to a report by the Financial Times, Sacks said on the social media platform X(Twitter) that he had liquidated his Bitcoin, Ethereum, and Solana investments before the new administration began.
White House AI & Crypto Czar David Sacks Sold Entire Crypto Portfolio
The report, shared by journalist George Hammond, highlighted that Sacks’ investment firm, Craft Ventures, still holds stakes in a few crypto startups.
An unnamed source told FT that both Sacks and Craft Ventures had sold their direct crypto holdings shortly after Trump was inaugurated. Although the firm remains invested in certain crypto-related companies, neither Sacks nor the firm currently holds any cryptocurrency directly.
White House Crypto Summit Set to Begin
Sacks is preparing to lead the first-ever White House Crypto Summit next Friday. The event will bring together major crypto industry players and members of the President’s Working Group on Digital Assets.
The goal of the summit is to strengthen America’s role in the global crypto market and create clear regulations for the industry.
As a longtime advocate for digital assets, Sacks has been vocal about the potential of cryptocurrencies. He has often compared them to PayPal’s original vision of a seamless, global digital payment system.
Craft Ventures has backed major crypto firms, including institutional custody provider BitGo and hedge fund Multicoin Capital.
Trump Pushes Forward with Crypto Strategic Reserve
Meanwhile, President Trump has announced plans for a “Crypto Strategic Reserve.” On Sunday, he posted on social media that the reserve will include Bitcoin and Ethereum. He also directed his crypto working group to move ahead with plans to include Solana, XRP, and Cardano in the reserve.
Trump’s statements triggered a surge in the crypto market, with coins like XRP and ADA experiencing sharp price increases. The announcement reinforced his administration’s commitment to positioning the U.S. as a global leader in cryptocurrency.
Sacks praised Trump’s decision, stating that the President was keeping his promise to make the U.S. the top destination for crypto innovation.
The topic is expected to be a major point of discussion at the upcoming summit, where Trump will address industry leaders on March 7.
A Defining Moment for Crypto in the U.S.
The developments mark a turning point for the U.S. crypto industry. With the government taking a more structured approach to digital assets, investors and businesses are closely watching how regulations will shape the future of the market.
As Sacks leads discussions at the White House summit, the industry is eager to see what direction the administration takes. With Trump’s backing and key figures like Sacks involved, the future of crypto in the U.S. appears to be entering a new era.