David Sacks has released hundreds of millions of dollars in digital asset-related investments before he started his job as the artificial intelligence (AI) of the Trump administration and crypto tsar.
According to a white house memo Published by presidential counselor David A. Warrington, Sacks and his investment company Craft Ventures have liquidated their crypto companies, including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), before Trump started his second term on January 20.
Sacks also sold its position in the BitWise 10 Crypto Index Fund (BITW) and released its shares in Coinbase (Coin), Robinhood (HOOD) and private digital asset companies, as well as limited partner interests in crypto-oriented investment funds, including Multicoin capital and Blockchain capital.
The White House adds that Bagen began to sell its limited partner interests in around 90 venture capital funds “from an abundance of caution”, because the companies can choose to invest in the digital assets industry.
Warrington says that Sacks and Craft Ventures have thrown away more than $ 200 million in investments in the digital assets industry, including at least $ 85 million that is personally kept by bags, in an attempt to protect the integrity of his position as a special consultant for crypto.
“It is crucial that you have already taken important steps to minimize potential conflicts of interest as a result of digital assets extresses of hundreds of millions of dollars in digital assets or digital assets-related industrial entities.”
Although Sacks is liquidated whether its remaining exposure to the digital asset industry has unloaded, the memo notes that Craft Ventures still has interests in crypto-related companies, including the Bitgo, Proof-of-Space Token Management Platform and Proof-Op-Dapper-Dapper-developer.
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Generated image: midjourney