David Sacks, the newly appointed White House AI and crypto czar, along with his venture capital firm Craft Ventures, sold over $200 million in crypto assets and digital asset-related stocks. This move, as revealed by a White House memorandum, was to eliminate potential conflicts of interest before he commenced his new governmental role.

Key assets sold by Sacks included Bitcoin, Ether, and Solana, among others. His divestment also covered public cryptocurrency-related firms and private digital asset companies. Additionally, Craft Ventures relinquished holdings in Multichain Capital and Bitwise Asset Management.

The memo’s timing coincides with Senator Elizabeth Warren urging Sacks to provide proof of divestment, further illustrating the tension between Sacks' past and present roles. Advocating for a balanced crypto approach, Sacks continues to challenge taxation proposals within the industry.