David Sacks Sells Crypto Assets Worth US$200 Million Before Taking Office at the White House
David Sacks, who has just been appointed as the Artificial Intelligence (AI) and crypto czar by US President Donald Trump, reportedly sold over US$200 million in crypto assets before officially taking his position at the White House. This sale also involved his company, Craft Ventures, with at least 85% of the total assets sold coming directly from Sacks' personal holdings.
According to a memorandum released on Wednesday (05/03), this move was made to ensure there would be no conflict of interest. Sacks also received a limited ethical exemption allowing him to continue participating in policy-making related to digital assets.
In last week's All-In podcast, Sacks emphasized that all transactions were completed before he officially took office. He also stated that he had settled taxes related to the sales.
> "We completed all transactions before the first day, paid taxes, and ensured there would be no conflict of interest," — David Sacks
Although he has sold most of his crypto assets, Sacks still has exposure to the digital asset industry through the venture fund managed by Craft Ventures. However, he agreed not to make new digital asset purchases during his term.
Now, public attention is focused on how Sacks will lead policies related to AI and crypto at the White House, as well as how his actions will impact the digital asset market moving forward.
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