President Trump’s Crypto Czar David Sacks, a key figure in U.S. crypto policy, has spoken out against media reports that claimed he “dumped” his cryptocurrency holdings. In a tweet post, Sacks clarified that his decision to sell was a required divestment, not a sudden sell-off meant to crash the market.
Why Did David Sacks Sell His Crypto?
Sacks, who serves as the White House’s crypto policy leader, took to X to clear the claim of dumping his crypto.
He stated that his firm, Craft Ventures, sold over $200 million in digital assets, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) due to ethical obligations tied to his government role before President Trump took office.
However, the controversy started when reports claimed that Sacks offloaded his holdings even though the market remained stable. This led to speculation that he had lost faith in the sector.
However, Sacks noted that his decision had nothing to do with market trends and was purely a matter of following government rules.
Sacks criticized the media for portraying his actions as negative, arguing that such narratives harm the image of cryptocurrency. He pointed out that crypto is often unfairly scrutinized, despite its growing role in the financial world.
His statement aimed to reassure the crypto community that his decision was a legal requirement rather than a personal judgment on the market’s future.
Many in the crypto space supported Sacks, calling out the media for twisting the story. Binance’s former CEO, Changpeng Zhao (CZ), defended him, saying, “They sell clicks, not ethics.”
David Nage from Arca also weighed in, arguing that the media’s narrative reflects a misunderstanding of cryptos.
Even Bankless co-owner David Hoffman added another perspective, saying that many people outside of crypto don’t want to believe in its success. He argued that negative headlines cater to those who feel uncomfortable seeing others profit from digital assets.
With crypto becoming more political, the debate over regulations and government involvement will likely continue. But for now, Sacks remains firm his crypto sale wasn’t a reckless move, but a necessary step under government rules.
