David Sacks sold over $200 million in digital assets before taking office to avoid conflicts of interest

ChainCatcher news, the White House released a memo showing that David Sacks, the U.S. Director of Artificial Intelligence and Cryptocurrency Affairs, sold over $200 million in digital asset-related investments through his personal accounts and his company Craft Ventures before taking office, in order to reduce potential conflicts of interest.

Of this amount, at least $85 million directly belongs to Sacks, but Craft Ventures still holds some fund investments related to crypto assets. Sacks has liquidated his holdings in Bitcoin, Ethereum, Solana, and the Bitwise 10 Crypto Index Fund (BITW), and sold shares in Coinbase (COIN) and Robinhood (HOOD).

Additionally, he has exited investments related to Multicoin Capital, Blockchain Capital, and Bitwise Asset Management, and has begun to gradually divest from certain private digital asset companies. However, Sacks still holds interests in some funds under Craft Ventures, which invest in companies like BitGo and Lightning Labs. These investments are difficult to fully exit due to liquidity constraints, accounting for less than 3.8% of his total investment assets.

Sacks stated that this move aims to avoid any suspicion of conflicts of interest and to ensure transparency in his decision-making as a government official.