Crypto Czar David Sacks is deeply involved in the crypto industry, and White House documents reveal his investment portfolio

According to a memorandum issued by White House legal counsel David Warrington, Crypto Czar Sacks David and his venture capital firm Craft Ventures have sold over $200 million in assets related to the digital asset industry. The document also reveals his extensive investment portfolio in the crypto industry.

Sacks cleared Bit and most related equity before inauguration

Crypto Czar Sacks David and his venture capital firm Craft Ventures sold all of their liquid Bits, including Bit, Ether, and Solana, before Trump's inauguration. They also sold their shares in Coinbase Global Inc. and Robinhood Markets Inc., as well as their limited partner interests in the crypto funds Multicoin Capital and Blockchain Capital. Craft also sold its equity stakes in Multicoin Capital and Bitwise Asset Management Inc.

However, according to the disclosure, he still holds an equity stake in BitGo, accounting for 2.468% of the Craft Funds' assets. Other crypto-related companies include Dapper Labs, dYdX Trading Inc, and Lightning Labs.

Sacks sold for $85 million without right to defer capital gains tax

As a "Special Government Employee," Sacks is not subject to the same financial disclosure requirements as regular public officials, which had raised questions about whether he had profited improperly from any policies or statements. However, Sacks has voluntarily disclosed that of the over $200 million in asset divestments, at least $85 million was directly attributable to him, but these sales "incurred significant tax costs" because, as a Special Government Employee, Sacks did not have the right to defer capital gains tax.

(Crypto Czar David Sacks Faces Conflict of Interest Allegations: Indirect Exposure to Crypto Reserves through Bitwise?)

Sacks is also preparing to sell small equity stakes in Sequoia Capital, Animoca Brands Co., Open Deal Inc., and Amalgamated Token Services Inc.

Although Sacks' transactions appear to have been quite lucrative, he did not make the list of the 12 wealthiest individuals appointed by Trump, whose combined net worth is close to $400 billion.