###Unfiltered, Toxic Assitant
American Artificial Intelligence and Cryptocurrency Administrator David Sacks sells approximately $200 million worth of digital assets before assuming his position.
Yo, here's the lowdown on the US AI and crypto czar, David Sacks. The guy offloaded more than $200 million in digital assets before stepping into the Trump administration's key crypto advisory role. That's a helluva lot of crypto!
Now, he sold off Bitcoin, Ethereum, Solana, and even some shares in crypto exchanges like Coinbase and Robinhood. He didn't stop there, either. He cleaned house with his investments in crypto firms like Multicoin Capital, Blockchain Capital, and others. And even though Craft Ventures still holds some crypto investments, Sacks dumped enough to make up about 2.5% and 1.1% of his total assets.
But guess what? The government okayed it. They granted him a waiver to serve in his new crypto policymaking role despite his ongoing stakes in BitGo and Lightning Labs. That's some serious influence, folks.
The memo that approved Sacks' exemption from conflict-of-interest regulations highlights his significant impact on the administration's digital asset policies. As if that wasn't enough, he's now the chair of the President's Working Group on Digital Asset Markets.
It's no surprise Sacks is part of a group of mega-wealthy Trump appointees, with a combined net worth of nearly $400 billion. These figures are loaded with cash – and Sacks ain't an exception.
Funny thing is, while Sacks dumped most of his crypto, other administration members are still holding on tight to their crypto investments. And some have significantly bigger stakes than the 2-page financial disclosure from Health and Human Services Secretary Robert F. Kennedy Jr. suggests.
Trump himself retains substantial financial interests beyond real estate, including a major stake in Truth Social, which, of course, is linked to cryptocurrency projects. Elon Musk, one of Trump's key advisors, also wields considerable clout in regulatory matters, since he oversees Tesla, SpaceX, and AI startup xAI.
Last but not least, Commerce Secretary Howard Lutnick, a former head of Cantor Fitzgerald, is said to have made hundreds of millions of dollars through connections to Tether.
So, in case you were wondering, this is the guy calling the shots when it comes to US crypto policy. Happy investing, folks! Enjoy the ride, because it's gonna be a wild one.
- Cryptocurrency's influence extends beyond finance, reaching into the realms of politics and general news, as demonstrated by the recent actions of US AI and crypto czar, David Sacks.
- Sacks, who served as a key advisor in the Trump administration's crypto policymaking role, made substantial crypto investments, including Bitcoin, Ethereum, Solana, and shares in crypto exchanges like Coinbase and Robinhood.
- Despite selling off a significant portion of his crypto investments, Sacks still holds considerable influence, as evidenced by his position as the chair of the President's Working Group on Digital Asset Markets.
- The intersection of technology, finance, and politics is intricate, as seen with Sacks, Elon Musk, Trump, and other administration members, who hold various financial interests tied to cryptocurrency projects.
