- White House AI and Crypto Czar David Sacks confirms he sold all crypto holdings, including Bitcoin, Ethereum, and Solana, after Trump’s inauguration.
- Community Notes claims Sacks still holds Bitcoin ETFs, but he refutes this and promises to provide evidence after a government ethics review.
- Trump’s announcement of a U.S. Strategic Crypto Reserve pushed Bitcoin up 10.34% to $94,290, while XRP and Ethereum experienced volatile swings.
David Sacks, recently appointed as the White House AI and Crypto Czar by U.S. President Donald Trump, has stated that he sold all his cryptocurrency holdings before assuming office. Sacks made the declaration after Financial Times correspondent George Hammond posted a report confirming the sale, including a screenshot as evidence.
According to Sacks, he liquidated all his digital assets, including Bitcoin, Ethereum, and Solana, which have been designated for the U.S. Strategic Crypto Reserve.
Trump’s Strategic Crypto Reserve Pushes Market
During a Sunday address, Trump proposed creating the U.S. Strategic Crypto Reserve that would hold Bitcoin alongside Ethereum, Solana, Cardano and XRP. When the announcement was made, Bitcoin experienced a 10.34% price increase that raised the value to $94,290 from its previous level of $85,450.
XRP experienced a significant increase of 24.28% which took its price to $2 before its market value dropped 12.93% to reach $2.63. Ethereum saw a 14.2% jump before experiencing a 6.85% decline. The decision to include these cryptocurrencies in a national reserve highlights the administration’s approach to digital assets.
Community Notes Challenges Sacks’ Claims
Despite his public statement, X’s fact-checking service, Community Notes, questioned the claim. It alleged that Sacks retained Bitcoin exchange-traded funds (ETFs) through Bitwise, suggesting indirect exposure to the crypto market. In response, Sacks denied the allegation, calling the claim false. He asserted that he sold his Bitcoin ETF shares on January 22 and does not have any indirect crypto holdings.
Sacks emphasized his commitment to transparency, stating that a government ethics review is currently assessing his financial disclosures. Once completed, the review will confirm whether he holds any crypto assets. Because he leads the United States crypto policy, his actions need to remain unbiased to ensure he can develop regulations which will influence both the crypto industry and all who invest.
Maintaining Transparency in Crypto Policy
The task of defining this matter requires immediate resolution because Sacks must continue to influence U.S. crypto policies. The public needs to know about his ownership positions because they might reveal possible conflicts of interest.
The government actively monitors cryptocurrency matters since new administration policies keep evolving through their regulatory framework. Sacks will create a report that is predicted to determine whether his financial position meets regulatory standards
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