PiCK
US Cryptocurrency Czar Disposes of 300 billion won in Digital Assets After Entering the White House
Summary
- David Sacks revealed that he disposed of most of his digital assets worth $300 million before entering the White House.
- The massive sell-off by Sacks, the AI and cryptocurrency czar, was carried out to avoid conflicts of interest.
- CNBC pointed out that Sacks' divestment actions contrast with those of other officials in the Trump administration.
It has been revealed that the head of artificial intelligence (AI) and cryptocurrency policy in the Donald Trump administration held cryptocurrency-related assets worth approximately 300 billion won.
According to documents recently disclosed by the White House, David Sacks, the AI and cryptocurrency czar, invested more than $200 million (290 billion won) in related assets, including cryptocurrencies such as Bitcoin, Ethereum, and Solana.
His investments included these cryptocurrencies along with shares in Coinbase, the largest US cryptocurrency exchange, and the investment platform Robinhood, as well as cryptocurrency-based index funds (Bitwise 10 Crypto Index Fund). He also held stakes in cryptocurrency-focused private equity funds such as Multicoin Capital and Blockchain Capital.
Personally, he owned about $85 million worth of these assets, with the remainder held through his company, Craft Ventures.
However, the disclosure stated that Sacks had disposed of most of these digital asset-related holdings before entering the White House.
This large-scale divestment is interpreted as a measure to avoid potential conflicts of interest as the head of AI and cryptocurrency policy.
US economic media outlet CNBC noted that Sacks' massive sell-off stands in contrast to other officials in the Trump administration.
President Trump holds shares in Trump Media, the parent company of the social media platform 'Truth Social,' and has launched several cryptocurrency projects that could increase in value based on government policies.
This large-scale divestment is interpreted as a measure to avoid potential conflicts of interest as the head of AI and cryptocurrency policy.
US economic media outlet CNBC noted that Sacks' massive sell-off stands in contrast to other officials in the Trump administration.
President Trump holds shares in Trump Media, the parent company of the social media platform 'Truth Social,' and has launched several cryptocurrency projects that could increase in value based on government policies.
Reporter Kim Hyun-kyung khkkim@wowtv.co.kr
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
