David Sacks Liquidated $200 Million in Crypto and Stocks Before His White House Role

David Sacks and his venture capital firm, Craft Ventures, sold over $200 million in digital assets and crypto-related stocks before starting his role at the White House, which is focused on AI and crypto regulations. According to an official White House memorandum dated March 5, $85 million of this amount was directly attributable to Sacks.

The memorandum noted that Sacks took this step to avoid conflicts of interest and to contribute to crypto regulation in his new role. Additionally, Sacks sold his personal crypto holdings, as well as Craft Ventures’ investments in Bitcoin, Ether, and Solana before President Trump’s inauguration on January 20.

Crypto Market Decline Following Trump’s Presidency

Following Trump’s inauguration, the markets experienced a general downturn, with the crypto sector seeing a sharp decline. Experts attribute this to new tariffs proposed by Trump and uncertainty over the Federal Reserve’s interest rate policies.

Bitcoin hit a record high of $109,000 just before Trump took office, but fell below $80,000 by February 27, erasing all of its post-election gains. As of publication, Bitcoin was trading at $84,155 according to CoinMarketCap data.

Sacks also sold shares in publicly traded companies such as Coinbase (COIN) and Robinhood (HOOD), along with private crypto investments. He also divested from Solana-focused Multichain Capital and Blockchain Capital. At the same time, Craft Ventures sold its holdings in Multichain Capital and Bitwise Asset Management.

Senator Warren Requests Proof from Sacks

Massachusetts Senator Elizabeth Warren, while acknowledging Sacks’ claim of selling all his crypto assets, expressed uncertainty over the timing of these sales.

In a letter sent to Sacks on March 6, Warren stated, “Despite your public statements on X, it remains unclear when exactly you sold your BTC, ETH, and SOL investments, when Craft Ventures divested from Bitwise, and whether people close to you may have profited from the recent price surge.”

Sacks Continues to Advocate for Crypto in His White House Role

Since taking his role at the White House, Sacks has been a strong advocate for the crypto industry. He has supported the idea of a Strategic Bitcoin Reserve and has argued against excessive taxation on the crypto sector.

In a recent appearance on the All In Podcast, Sacks rejected Jason Calacanis’ proposal to introduce a 0.01% tax on all crypto transactions.

“Taxes always start with small rates,” Sacks said. “When income tax was first introduced, it applied to only about a thousand Americans, and lawmakers swore it would never be applied to the middle class,” he added.

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Sacks Rejects 0.01% Transaction Tax on Crypto!

In a recent episode of the All-In Podcast, host Jason Calacanis suggested a 0.01% tax on every crypto transaction. The tax would apply whether a user is buying, selling, or transferring cryptocurrency. Sacks responded:

“That’s always how taxes start. They are described as being very modest. You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people.”

He continued:

“I don’t particularly like the idea of new taxes, even if it is promised that they won’t affect people very much. That sounds burdensome to me.”

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Many crypto investors criticized the idea, warning it would create unnecessary costs even for transfers between wallets owned by the same person.

The recent White House Crypto Summit did not present any official tax policies. However, the Trump administration has signaled support for major tax reform in the United States.

Trump Proposes Eliminating Income Tax and IRS!

President Donald Trump has proposed eliminating the federal income tax and replacing it with tariffs on imported goods. Commerce Secretary Howard Lutnick added that the IRS would be replaced by an “External Revenue Service.”

According to Dancing Numbers, the plan could save each American taxpayer at least $134,809, and possibly up to $325,561 if state income taxes are repealed as well.

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