"White House Crypto Czar Dumps BTC, ETH, SOL Before Trump Role"

White House crypto czar David Sacks has confirmed that he sold off his holdings in Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) before joining the Trump administration. In a Sunday X post, Sacks wrote, "I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration."

Sacks' remark comes amid concerns over potential conflicts of interest, given his ties to Bitwise, which offers a U.S. exchange-traded fund investing directly in various crypto assets. While Sacks may have exited direct crypto ownership, his investment firm Craft Ventures reportedly holds stakes in a small number of crypto startups, according to a Financial Times article.

Sacks is currently undergoing an official ethics review and has promised to disclose updates on his crypto holdings later. He has dismissed claims that he has "indirect crypto holdings" from investing in Bitwise, stating that he sold a $74K position in the Bitwise ETF on January 22.

In an earlier post, Sacks praised Trump's commitment to making the U.S. the crypto capital of the world, following the president's announcement that Bitcoin, Ether, XRP, SOL, and ADA would feature prominently in his planned U.S. strategic crypto reserve. Trump's post sent crypto markets higher almost instantly.

Sacks' disclosure regarding his crypto holdings comes as Trump is set to hold the first Crypto Summit at the White House on March 7. During the summit, he is expected to share further plans with industry leaders and executives on how crypto regulations and businesses will be supported in the country.