U.S. Crypto Czar Sacks Sells Personal Holdings Amidst Policy Shifts

The newly appointed U.S. Crypto Czar, David Sacks, has confirmed that he sold all his personal crypto holdings before assuming his role in the White House. Sacks, who was appointed by President Donald Trump, made the announcement on Twitter, addressing doubts raised by Community Notes in the comments section of his tweet.

Sacks stated that he had sold all his crypto assets, including Bitcoin, Ethereum, and Solana, which were approved by President Trump for the Strategic Crypto Reserve. He did not mention ADA and XRP, which were also named as part of the future reserve. The announcement came after Trump's announcement of the upcoming creation of a strategic cryptocurrency reserve for the U.S., which led to a significant price increase in Bitcoin, XRP, and Ethereum.

However, Community Notes later accused Sacks of maintaining his ownership of Bitcoin exchange-traded funds (ETFs) on Bitwise. In response, Sacks stated that he had sold his Bitcoin ETF shares on Jan. 22 and that he did not have "large indirect holdings." He promised to provide an update on his holdings once a government ethics review he is currently undergoing is over.

As the crypto czar, Sacks will be responsible for shaping policies that will have a direct impact on the crypto industry and indirectly influence crypto prices. Therefore, it is crucial for him to divest his crypto assets to maintain transparency and credibility in his role.