David Sacks and Craft Ventures Sell Off Crypto Holdings Before Trump’s Inauguration
David Sacks, President Donald Trump’s AI and crypto advisor, and his firm, Craft Ventures, have sold their entire crypto portfolio. The move, worth $200 million, happened before Trump’s inauguration on January 20.
According to a White House memo, Sacks and Craft Ventures liquidated their holdings in Bitcoin, Ethereum, and Solana. Sacks also sold his stakes in Coinbase and Robinhood. Craft Ventures followed suit, selling its interests in crypto funds.
Sacks confirmed the divestiture on X (formerly twitter). He said he sold all his crypto assets before joining the administration. This move helps avoid conflicts of interest as he advises on crypto matters.
Though, Trump’s crypto ventures are a different story. He launched Official Trump (TRUMP),a memecoin with no real use. It peaked at $15 billion but has lost 83.5% of its value. Trump’s subsidiary,CIC Digital,and Fight Fight Fight LLC own 80% of the token.
Trump also launched World liberty Financial, a decentralized finance platform. It raised $550 million in a token sale. His sons are reportedly involved in the project.
On March 6, Trump signed an Executive Order to establish a U.S. Bitcoin reserve. Sacks downplayed the decision to include altcoins.
Binance, the world’s largest crypto exchange, is reportedly in talks with Trump or World Liberty Financial. They may sell a stake in binance’s U.S. arm. This could help Binance reenter the U.S. market.
Under Trump, crypto companies like Binance may benefit from looser regulations. The Trump-appointed SEC leadership has halted crypto-related investigations that started under Biden’s watch.
