"White House Crypto Czar Dumps Holdings Amidst Trump's Digital Asset Push"

The White House's "Crypto Czar," David Sacks, and his firm, Craft Ventures, have sold all their direct crypto holdings following the inauguration of former President Donald Trump. The sale, which took place soon after Trump's swearing-in, included Bitcoin, Solana, and Ethereum, among other assets.

Sacks, who oversees artificial intelligence and cryptocurrency at the White House, has undergone a government ethics review and has promised to provide full financial disclosure once the regulatory review process is complete. The sale of his direct crypto holdings comes as lawmakers debate the risks of using public funds for crypto investments.

In response to Trump's indication that the USA would establish a digital asset strategic reserve, cryptocurrency market prices experienced a significant upward movement. The speculative Bitcoin reserve consists of Ethereum, Solana, XRP, and Cardano, among other assets. The announcement generated investor enthusiasm and demonstrated the increasing government backing of the cryptocurrency field.

Members of Congress continue to shape legislation that deals with digital assets. A new Republican-backed Senate bill proposes that the US Treasury buy one million Bitcoin at their current market value, totaling $94 billion. However, some opponents have stood against this proposal, with several Republican members of Congress believing it is unsafe to allocate public funds to cryptocurrency ventures. The Trump administration faces criticism due to Trump advisors who hold ties to crypto markets, potentially presenting biases in decision-making processes.

Craft Ventures has sold its direct cryptocurrency investments but continues to back a few cryptocurrency startups through investments. The firm and Sacks maintain their involvement with cryptocurrency despite changing their direct investments.

The new president, Trump, executed an order that showed official support for digital assets and blockchain technology just after he started his position. The establishment of a national crypto reserve by Trump received enthusiastic support from investors across the market. Through Truth Social, Trump announced the American position to become the worldwide leading nation in cryptocurrency.

The recent positive news about Solana generated a 26% climb in its token price to $179, which stabilized at $165. ADA from the Cardano network reached a 76% increase to $1.17, and XRP achieved a 35% gain to $2.99. Investors express dissatisfaction about the delayed delivery of Trump's proposed industry changes.

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