US Crypto Czar Promises Proof Of Selling All His Crypto and Bitcoin ETFs
03/03/2025 19:08
David Sacks insists that he had sold all his crypto, including BTC and ETH, before starting in his crypto czar position
David Sacks insists that he had sold all his crypto, including BTC and ETH, before starting in his crypto czar position
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David Sacks who was appointed as the White House AI and Crypto Czar by the newly elected US president, Donald Trump, has confirmed that he had sold his personal crypto holdings before he entered this important position.
However, Community Notes have doubted that and made it clear under his tweet. Sacks accused them of lying and promised to provide proof later on.
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Crypto czar says he sold his crypto bags
The crypto tsar commented on a tweet by a Financial Times correspondent George Hammond who stated that Sacks had sold all his cryptocurrency holdings shortly after Trump’s inauguration and published a screenshot from FT to prove that.
David Sacks said that he indeed sold all his crypto bags, including the coins which have been approved by the US president for the Strategic Crypto Reserve – Bitcoin, Ethereum, and Solana. Trump also named ADA and XRP as part of the future reserve but Sacks said nothing about those two.
On Sunday, Trump announced the upcoming creation of a strategic cryptocurrency reserve for the US. This propelled the price of the largest crypto, Bitcoin, by 10.34%, pushing it from $85,450 to the $94,290 zone. By now, Bitcoin is trading at $92,660.
XRP soared by 24.28, touching the $2 level. It is now 12.93% down, changing hands at $2.63 per coin. ETH spiked by 14.2% and then dropped by 6.85%.
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Community Notes accuses crypto czar, Sacks strikes back
However, the Community Notes service that fact-checks information published on X claimed that Sacks had maintained his ownership of Bitcoin exchange-traded funds (ETFs) in Bitwise.
In response, Sacks stated that this particular community note was a lie and that he had sold his Bitcoin ETF shares on January 22. “I do not have “large indirect holdings,” he stated, promising to provide an update on his holdings once the process of a government ethics review he is currently undergoing is over. This update should prove whether he has zero crypto holdings or not.
This community note is a lie. I had a $74k position in the Bitwise ETF which I sold on January 22. I do not have “large indirect holdings.” I’ll provide an update at the end of the ethics process. pic.twitter.com/gwuVjL2HA5
— David Sacks (@DavidSacks) March 3, 2025
It is important for Sacks to get rid of his crypto assets in order to remain transparent and credible since as a crypto czar he will be in charge of shaping the policies that will have direct impact on the crypto industry and indirectly will influence crypto prices.