Trump's Crypto Czar David Sacks sells off all personal virtual currency assets before taking the White House top spot; Here's why

David Sacks, recently appointed by U.S. President Donald Trump as the White House AI and Crypto Czar, confirmed on Tuesday that he sold all his personal cryptocurrency holdings before taking office. Sacks, who has been tasked with overseeing digital asset regulation and policy, shared the details of his decision on social media, revealing that he divested from Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) prior to assuming his role in the administration. I sold all my cryptocurrencies (including BTC, ETH, and SOL) before the administration began, Sacks wrote in a post on X (formerly Twitter).'Conflict of interest'The decision to liquidate his crypto assets was made in an effort to avoid any potential conflicts of interest while serving in the government, according to reports. The move reflects his commitment to transparency and adherence to ethical standards in his newly appointed , speculation arose among some social media users suggesting that Sacks may still hold cryptocurrency indirectly through Bitcoin exchange-traded funds (ETFs), particularly the Bitwise ETF. In response to these claims, Sacks clarified the situation, firmly denying any indirect holdings. 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, he ’ announcement comes at a time when the cryptocurrency market has been experiencing renewed attention. On Sunday, President Trump made headlines by revealing the digital assets set to be included in the U.S. government's Crypto Strategic Reserve. The announcement led to significant market movement, with cryptocurrencies such as Bitcoin, Ether, XRP, Solana, and ADA witnessing substantial aims to make US the 'Crypto Capital of the World'Trump’s executive order, issued in January 2025, calls for the establishment of a national digital asset repository. The President had previously referred to the reserve as a stockpile, but later redefined it as a Crypto Strategic Reserve. Trump expressed his strong support for Bitcoin and Ethereum. I will make sure the U.S. is the Crypto Capital of the World. And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be the heart of the Reserve. I also love Bitcoin and Ethereum! said Trump’s comments, the prices of the five digital currencies included in the reserve surged, with Bitcoin climbing from $86,000 to nearly $93,000 by Sunday afternoon, marking an 8% increase. Other digital currencies such as Ether, XRP, Solana, and ADA also saw significant price boosts, ranging from 8% to 20%. However, cryptocurrency assets including Solana and Ethereum nosedived on Monday. As Sacks settles into his new role, the focus remains on his efforts to guide and regulate the burgeoning cryptocurrency sector while adhering to government standards on conflicts of interest.(With inputs from ToI)