David Sacks, Trump’s Crypto Tsar, Confirms He No Longer Holds Cryptocurrency

David Sacks, the White House's AI and crypto czar under former President Donald Trump, has confirmed that he no longer holds any cryptocurrency. In a recent statement made on X (formerly Twitter), Sacks disclosed that he sold all his crypto assets, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), prior to the inauguration of the Trump administration.

"I sold all my cryptocurrency, including BTC, ETH, and SOL, prior to the start of the administration," Sacks remarked on March 2, responding to a Financial Times article shared by George Hammond. The article reported that Craft Ventures, the venture capital firm founded by Sacks, still retains stakes in a number of crypto startups, despite the firm’s decision to divest its direct cryptocurrency holdings after Trump took office.

The FT report also noted that a source with knowledge of the matter confirmed that both Sacks and his firm had sold their crypto holdings shortly after the inauguration, marking a clean break from direct involvement in the market at the time.

Craft Ventures, based in San Francisco and established by Sacks in 2017, has launched four funds since its inception, with the latest closing in November 2024 after raising $712 million. While the firm no longer holds direct cryptocurrency assets, its portfolio includes investments in crypto-related companies such as Bitwise Asset Management, the crypto custodian BitGo, and even social media giants like Meta, Reddit, and X. Additionally, Sacks made a notable investment in the Solana-focused venture firm, Multicoin Capital, back in 2018.

Despite his personal divestment from cryptocurrencies, Sacks remains active in the broader crypto space, particularly in his role as Trump’s crypto czar. In an earlier post, he praised Trump’s commitment to making the U.S. a global leader in crypto, pointing to the announcement of a U.S. strategic crypto reserve on March 2 as a significant step forward.

Trump’s proposed crypto reserve is part of a broader push to solidify the U.S. as the "crypto capital of the world." On March 7, the White House will host the first-ever Crypto Summit, where industry leaders will convene to discuss key issues such as crypto regulations, stablecoins, and the implementation of the crypto reserve.

In response to the announcement, Trump’s son, Eric Trump, shared his enthusiasm, calling the strategic reserve plan “genius” for being unveiled on a Sunday when traditional markets are closed, giving retail investors a unique advantage. "For the first time, retail investors win," he declared, as the news sent crypto markets soaring by 12%. He further emphasized that traditional financial institutions needed to catch up with the rapidly evolving crypto market, warning that they risked becoming obsolete.

Crypto advocate Anthony Pompliano also weighed in on the timing of the announcement, calling it “objectively hilarious” that the crypto reserve could not be accessed by Wall Street due to their "antiquated" trading hours. His comments highlight the growing tension between traditional finance and the increasingly decentralized world of cryptocurrency.

As the U.S. government explores further integration of cryptocurrencies into its economic framework, Sacks' strategic insights will undoubtedly play a key role in shaping the future of digital assets in the country.