Sacks Sells Bitwise Stake Amid Crypto Czar Role

Bitwise CEO Hunter Horsley has confirmed that White House AI and Crypto Czar David Sacks has sold his equity in the company. In a social media post, Horsley revealed that Sacks and Craft invested in Bitwise's seed round in 2017, but Sacks had to divest from the company more than two months ago due to his public service role.

Horsley stated that Sacks and Craft sold their stakes in Bitwise, with Sacks selling his 10% stake in the company. Despite being early believers in Bitwise and its mission, they chose to sell their shares as Sacks is now focused on public service and putting the nation first.

Sacks' appointment as the White House AI and crypto czar by President Trump in late 2020 sparked controversy in the crypto community. As a venture capitalist and podcaster with significant holdings in Bitcoin, Ethereum, and other top cryptocurrencies, Sacks' involvement in the industry raised concerns about potential conflicts of interest.

In a surprising move, Sacks announced that he had sold all of his personal crypto-related holdings before joining the administration. This included his stake in Multicoin Capital and his investments in the Bitwise ETF. Sacks confirmed that he did not have "large indirect holdings" in the company.

The sale of Sacks' crypto holdings has raised questions about his role as the White House crypto czar and the potential impact on the cryptocurrency industry. While some pro-Trump techies have expressed outrage at the crypto reserve plan, others have praised the joint effort by the CFTC and SEC to tackle crypto regulation, in which Sacks has been involved.

Despite the controversy, Sacks has been actively engaged in the crypto community. He has chaired a crypto summit in DC and worked with regulators to address crypto-related issues. His appointment as the White House AI and crypto czar has been seen as a sign of the Trump administration's growing interest in the cryptocurrency industry.

As the cryptocurrency industry continues to evolve, the role of government regulators and influencers like David Sacks will be crucial in shaping its future. The sale of Sacks' crypto holdings may indicate a shift in his priorities and a renewed focus on his role as the White House AI and crypto czar.