Story Highlights David Sacks and Craft Ventures sold all direct crypto holdings after Trump’s inauguration. Sacks undergoes a government ethics review and promises full financial disclosure. Lawmakers debate risks of using public funds for crypto investments. David Sacks, the White House official overseeing artificial intelligence and cryptocurrency, has sold all his direct crypto holdings along with his firm, Craft Ventures. According to the FT, the sales took place soon after Donald Trump’s inauguration. Bitcoin, together with Solana and Ethereum comprised the assets. Senate Bill Proposes B Bitcoin Purchase by US Treasury On the X platform, Sacks confirmed the truth regarding his asset investments. A government ethics assessment is now being administered to him. Mr. Sacks has stated
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Story Highlights
- David Sacks and Craft Ventures sold all direct crypto holdings after Trump’s inauguration.
- Sacks undergoes a government ethics review and promises full financial disclosure.
- Lawmakers debate risks of using public funds for crypto investments.
David Sacks, the White House official overseeing artificial intelligence and cryptocurrency, has sold all his direct crypto holdings along with his firm, Craft Ventures. According to the FT, the sales took place soon after Donald Trump’s inauguration. Bitcoin, together with Solana and Ethereum comprised the assets.
Senate Bill Proposes $94B Bitcoin Purchase by US Treasury
On the X platform, Sacks confirmed the truth regarding his asset investments. A government ethics assessment is now being administered to him. Mr. Sacks has stated that he will deliver extensive reporting about his financial positions after the regulatory review system finishes.
After Trump indicated the USA would establish a digital asset strategic reserve, cryptocurrency market prices experienced marked upward movement. The speculative Bitcoin reserve consists of Ethereum alongside Solana and XRP and includes Cardano among its assets. The announcement produced investor enthusiasm while demonstrating the increasing government backing of the cryptocurrency field.
Members of Congress continue shaping legislation that deals with digital assets. The new Republican-backed Senate bill recommends the US Treasury buy one million Bitcoin at their current market value totaling $94 billion.
Some opponents have stood against this proposal. Several Republican members of Congress believe it is unsafe to allocate public funds to cryptocurrency ventures. The Trump administration faces criticism due to Trump advisors who hold ties to crypto markets presenting possible biases in decision-making processes.
Craft Ventures has sold its direct cryptocurrency investments yet continues to back a few cryptocurrency startups through investments. The firm and Sacks maintain their involvement with cryptocurrency despite changing their direct investments.
Trump Backs Blockchain, Orders National Crypto Reserve
The new president, Trump, executed an order that showed official support for digital assets and blockchain technology just after he started his position. The establishment of a national crypto reserve by Trump received enthusiastic support from investors across the market. Through Truth Social, Trump announced the American position to become the worldwide leading nation in cryptocurrency.
The recent positive news about Solana generated a 26% climb in its token price to $179, which stabilized at $165. ADA from the Cardano network reached a 76% increase to $1.17, and XRP achieved a 35% gain to $2.99. Investors express dissatisfaction about the delayed delivery of Trump’s proposed industry changes.
Executives from Gemini crypto exchange alongside OpenSea have revealed that the authorities responsible for securities regulation have ceased their investigatory efforts into their respective operations. This suggests a more favorable regulatory environment under the new administration.