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David Sacks, who was appointed as the White House AI and Crypto Czar by newly elected U.S. President Donald Trump has confirmed that he had sold his personal crypto holdings before he entered this important position.
However, Community Notes have expressed doubts about that in the comments under his tweet. Sacks accused them of lying and promised to provide proof later on.
Yuri MolchanCrypto czar says he sold his crypto bags
The crypto tsar commented on a tweet by Financial Times correspondent George Hammond, who stated that Sacks had sold all his cryptocurrency holdings shortly after Trump’s inauguration, uploading a screenshot from FT to prove it.
David Sacks said that he indeed sold all his crypto bags, including coins that have been approved by the U.S. 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 U.S. 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 down 12.93%, changing hands at $2.63 per coin. ETH spiked by 14.2% and then dropped by 6.85%.
Gamza KhanzadaevCommunity 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) on Bitwise.
In response, Sacks stated that this particular community note was a lie, and that he had sold his Bitcoin ETF shares on Jan. 22. “I do not have “large indirect holdings,” he stated, promising to provide an update on his holdings once a government ethics review he is currently undergoing is over. This update should prove whether he has zero crypto holdings or not.
It is important for Sacks to get rid of his crypto assets in order to remain transparent and credible since, as the crypto czar, he will be in charge of shaping policies that will have direct impact on the crypto industry and will indirectly influence crypto prices.
Dan Burgin
Vladislav Sopov