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

Odaily Planet Daily News: The White House issued a memo showing that David Sacks, the director of US artificial intelligence and cryptocurrency affairs, sold more than $200 million in digital asset-related investments through his personal and company Craft Ventures before taking office to reduce potential conflicts of interest. Among them, at least $85 million was directly attributed to Sacks, but Craft Ventures still holds some fund investments involving crypto assets. Sacks has cleared his holdings of Bitcoin, Ethereum, Solana and the Bitwise 10 Crypto Index Fund (BITW), and sold his shares in Coinbase (COIN) and Robinhood (HOOD). In addition, he also withdrew from investments related to Multicoin Capital, Blockchain Capital and Bitwise Asset Management, and began to gradually withdraw from holdings in some private digital asset companies. However, Sacks still holds interests in some funds under Craft Ventures, which invest in companies such as BitGo and Lightning Labs. These investments are difficult to fully withdraw due to liquidity restrictions, accounting for less than 3.8% of its total investment assets. Sacks said the move was intended to avoid any suspicion of conflict of interest and ensure transparency in his decision-making as a government official.