David Sachs defends the sale of crypto against media criticism

White House AI and Emperor David Sacks criticized the media for explaining him as an unfair portrayal of his decision to liquidate his digital asset holdings.

He made it clear that the move does not reflect a loss of trust in digital assets, but is a necessary step to complying with government ethical rules.

Sack speaks

In a March 18th post on X, Sacks responded to a report claiming he “threw away” crypto investments, saying:

“Why do media always want to portray cryptocurrencies in the worst light? I didn’t “throw away” cryptocurrency. I sold it. ”

According to the U.S. Government Ethics Office, officials responsible for investing in digital assets must settle their holdings before participating in crypto-related policymaking.

Earlier this month, Sacks confirmed that he had sold all his digital assets. A March 5 government memo revealed that he and his investment company, Craft Venture, had sold more than $200 million in crypto holdings following the appointment by President Donald Trump. The 52-year-old personally offloaded at least $85 million worth of cryptography before taking on his role.

The two previously had notable interests in the digital asset industry, including Robinhood and Coinbase stocks and limited partnerships between venture capital firm Multicoin Capital and Blockchain Capital.

While Craft Ventures maintains investments in some crypto startups, Sacks is no longer directly exposed to digital assets. His remaining indirect interests include stakes in crypto custody companies Bitgo and Bitcoin Protocol Developer Lightning Labs, accounting for around 2.5% and 1.1% of his total assets.

Public scrutiny and defense

Crypto Czar was scrutinized following an announcement in early March that certain cryptocurrencies, including Solana, will become part of the national digital asset sanctuary. Critics suggested that, taking into account his role, he was using the opportunity to add to his portfolio. Skepticism grew later that week when the president officially approved the creation of a strategic Bitcoin reserve and digital asset stockpile later that week.

In response to these claims, officials defended themselves by announcing to the public that he had already sold many holdings to avoid conflicts of interest.

His argument was also supported by prominent figures in the crypto industry, including Cameron Winclevos, Gemini co-founder who mentioned in X.