The AI and crypto advisor at the White House, David Sacks, has pushed back against assertions that he “dumped” his cryptocurrency assets, explaining that after his appointment by President Trump, he was mandated to divest in compliance with government ethics guidelines.
In a social media update on March 19, Sacks responded to recent narratives indicating that he had sold his investments in Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), remarking that the portrayal was misleading.
“I did not ‘dump’ my cryptocurrency; I divested it. Obviously, I would have preferred not to, but government ethics rules required it. It’s an honor to serve President Trump and the American people.”
A memo from the White House reveals that Sacks liquidated over $200 million in digital assets before Trump’s inauguration. His firm, Craft Ventures, also withdrew from positions in cryptocurrency-related stocks like Coinbase (COIN), Robinhood (HOOD), and the Bitwise 10 Crypto Index Fund.
This decision occurred amid heightened scrutiny regarding Sacks’ involvement in the administration, with some speculating that his role influenced discussions about potentially including certain cryptocurrencies in a future US digital asset reserve.
Media coverage sparks debate
Sacks’ clarification has reignited conversations about media representations of cryptocurrency. Some figures within the industry contend that skepticism towards digital assets affects how news organizations express their narratives.
David Hoffman, co-founder of Bankless HQ, posited that negative headlines often reflect wider public sentiment rather than intentional bias.
In response to Sacks’ remarks, Hoffman stated:
“Most people are crypto-less and don’t want crypto to succeed because they want to avoid the cognitive dissonance that comes with making wealth in crypto. Media outlets are crafting headlines to meet this need.”
Changpeng ‘CZ’ Zhao, founder of Binance, mirrored this viewpoint, asserting that media organizations prioritize clicks over factual integrity.
CZ commented:
“The media only sells clicks, not ethics.”
He also criticized a recent report suggesting that the Trump family contemplated purchasing a stake in Binance US in exchange for a pardon, deeming the story unfounded.