David Sacks Denies Owning Crypto in Bitwise ETF

David Sacks denies crypto ties after selling his holdings, but people question his firm’s investments. Ethics review pending, debate continues.

Wow, David Sacks selling all his crypto before joining the administration? 🤔 Smart move to avoid conflicts of interest, or a sign he lacks faith in the market? 🧐 Interesting timing, either way! This could impact crypto regulation, positively or negatively 🤷‍♂️ We

— Beautiful Girls (@gaixinh_98) March 3, 2025

David Sacks, now the AI and Crypto Czar in the Trump administration, is under fire over claims he still has crypto ties. He says he sold everything before taking the role, tweeting:

“Correct. I sold all my cryptocurrency (BTC, ETH, SOL) before the administration started.”

But X (formerly Twitter) wasn’t buying it. Users hit his post with a Community Note, saying he still had “large indirect holdings” via Bitwise, a major crypto investment firm.

Sacks clapped back, calling it a lie. He admitted to owning a $74K stake in a Bitwise ETF but said he sold it on January 22. He promised to share more once the ethics review is done.

Even though Sacks personally ditched crypto, his VC firm Craft Ventures still backs crypto companies like Bitwise, BitGo, and Multicoin Capital—which is deep in the Solana game. Critics say that even if Sacks isn’t holding crypto himself, his firm’s involvement raises concerns.

Now, the big debate: should government officials be tied to industries they regulate? Sacks insists he’s in the clear, but until the ethics process is done, the heat isn’t dying down.

Also Read: XRP Price Surges 38% After Trump Includes It in Crypto Strategic Reserve