Before starting its role as the White House AI and Crypto Caesar, David Sachs and his venture capital firm sold more than $ 200 million in Crypto and Crypto-related stocks, revealed the White House memorandum.
“You and Craft Ventures have divided the situation of more than $ 200 million belonging to the digital asset industry, of which $ 85 million are directly responsible for you,” Said Memorandum dated 5 March.
Crypto sells in an attempt to stop the conflict of interest
The memorandum stated that the “important step” was raised to reduce the possible struggles of interest, before the sacks began their term as the White House AI and Crypto Caesar – a major part of their role is to help create a legal structure for the crypto industry.
Sacks shut down all “liquid cryptocurrency” as well as craft ventures portfolio in their portfolio-the firm that he co-established in 2017-Bitcoin (BTC), Ether (ETH), and Solana (Sool), which included holdings in the US President Donald Trump on 20 January.
The memorandum underlined that Cryptocurrency and Crypto-related stock David Sachs were sold before Trump’s inauguration. Source: the White House
Since the inauguration of Trump, the Crypto Bazaar has seen a major decline amid wider market recession, with many guilty of uncertainty on Trump’s proposed tariffs and US interest rates.
While Bitcoin had tapped a new all-time high of $ 109,000 a few hours before Bitcoin administered the oath as the 47th US President, it was recently immersed below $ 80,000 on 27 February on 27 February, eradicated the benefits after all elections. At the time of publication, Bitcoin is trading at $ 84,155, as Per Coinmarketcap data.
Sacks were also divided into publicly trading crypto-related firms, including coinbase (coin), Robinhondh (HOD), and bets in private digital asset companies.
Additionally, he sold his limited partner’s interest in Solana-centric multichain capital and Crypto-centered venture capital firm Blockchain Capital. At the same time, Craft Ventures removed their holdings in Multichain Capital and Bettwaiz Asset Management.
Sen Warren urged the sack that he no longer keeps crypto
Elizabeth Warren, Senator of Massachusetts, urged the sacks in the March 6 letter to prove that she no longer has any digital property, after the claim of sacks in an X post, the memorandum is dated that she sells all her crypto.
“Despite your public statements via X, it is not clear that when you personally divide by BTC, Ath and Sol, when the craft ventures divided by bitwaiz, and whether your close ones may have held positions and can be sold recently,” Warren said.
Since Sachs started the role of a White House Crypto, he has been a vocal lawyer on various issues in the Crypto industry, not to tax more than the crypto industry with the importance of a strategic bitcoin reserve.
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Sachs recently discontinued the idea of crypto transactions on an all episode in Podcast when host Jason Calcanis proposed to charge a 0.01% tax on every cryptocurrency transaction.
“How does it always start doing. They are described as being very humble, ”Sachs said.
“You know, when income tax started, it applies only to like a thousand Americans, and the legislators took the oath and vowed down that it would never apply to the middle class people,” Sachs said.
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