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White House AI and Crypto Role
David Sacks and his venture capital firm Craft Ventures liquidated over $200 million in cryptocurrency and crypto-related stocks before he assumed his role as the White House AI and crypto czar, according to a March 5 memorandum from the White House.
“You and Craft Ventures have divested over $200 million of positions related to the digital asset industry, of which $85 million is directly attributable to you,” the memo stated.
The document outlined that Sacks took significant steps to reduce potential conflicts of interest before taking the position, where he is tasked with helping develop a regulatory framework for the crypto industry.