David Sacks and his venture capital firm sold over $200 million in cryptocurrency and crypto-related stocks before he took on his role as the White House AI and crypto czar, the White House confirmed. A memorandum dated March 5 outlined these sales as reported by BTCPEERS.

The White House document stated, "You and Craft Ventures have divested over $200 million of positions related to the digital asset industry, of which $85 million is directly attributable to you." These actions were described as "significant steps" to reduce potential conflicts of interest.

Sacks' new role includes helping develop a legal framework for the cryptocurrency industry. Since President Trump's inauguration on January 20, 2025, the crypto market has seen a major decline amid a broader market downturn, with many linking this to Trump's proposed tariffs and uncertainty over US interest rates.

Bitcoin reached a record high of $109,000 just before Trump became the 47th US president. It later dropped below $80,000 on February 27, erasing all post-election gains. At the time of publication, Bitcoin was trading at $84,155, according to CoinMarketCap data.

The policy environment continues to change quickly. Representative Byron Donalds has introduced legislation to protect Trump's strategic Bitcoin reserve from future administrations. The Florida Republican's bill would make the reserve a permanent part of U.S. policy.

Wyoming Senator Cynthia Lummis has also reintroduced the BITCOIN Act to create a strategic bitcoin reserve. The bill proposes Treasury-operated "decentralized network of secure Bitcoin vaults" and plans to purchase 1 million bitcoin units, about 5% of the total Bitcoin supply.

Sacks' divestments included:

• Publicly traded crypto-related firms like Coinbase and Robinhood
• Stakes in private digital asset companies
• Limited partner interest in Solana-focused Multichain Capital
• Interest in crypto-focused venture capital firm Blockchain Capital

The White House memorandum was released one day before Massachusetts Senator Elizabeth Warren sent Sacks a letter on March 6. Warren requested proof that he no longer holds any digital assets, following his claim on X that he had sold all his crypto holdings.