Every day in the crypto world brings a fresh surprise. Recently, David Sacks, the White House’s new AI and crypto czar under President Trump, announced he has sold all his personal crypto holdings. On March 2, right before his official duties kicked off, Sacks cleared his portfolio of popular cryptocurrencies like Bitcoin (BTC-USD), Ethereum (ETH-USD), and Solana (SOL-USD). “I sold all my cryptocurrency, including BTC, ETH and SOL, prior to the start of the administration,” Sacks stated on X, responding to speculation about his financial interests.
This revelation came amidst reports by the Financial Times that Sacks’ venture firm, Craft Ventures, still holds interests in several crypto startups, although it has divested from direct cryptocurrency holdings. This strategic distancing by Sacks demonstrates his commitment to avoid any conflicts of interest as he steps into an influential role that will shape U.S. crypto policy.
Trump Administration Ramps Up Crypto Initiatives
The backdrop to Sacks’ financial moves is President Trump’s ambitious agenda to establish the U.S. as a global crypto hub. The upcoming White House Crypto Summit on March 7, touted to forge new paths for crypto regulations and the strategic U.S. crypto reserve, is just the start.
Trump’s announcement of the reserve was strategic and timed perfectly, dropped on a Sunday. This caught traditional markets off-guard—a tactic praised by Eric Trump. “For the first time, retail investors win,” he exclaimed, noting the crypto markets’ 12% surge in response. Meanwhile, Anthony Pompliano of Professional Capital Management pointed out the irony of Wall Street’s inactivity during this key moment, calling it “objectively hilarious.”
As the Trump administration lays down the gauntlet, investors should track crypto price movements on the TipRanks Cryptocurrency Center. Click on the image below to find out more.
