White Home AI and crypto advisor David Sacks criticized claims that he “dumped” his crypto holdings and clarified that, after being appointed by President Donald Trump, he was required to divest resulting from authorities ethics guidelines.
In a March 19 social media put up, Sacks addressed current experiences suggesting he had bought off his Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) investments, stating that the characterization was deceptive.
“I didn’t ‘dump’ my cryptocurrency; I divested it. Clearly, I might have most well-liked to not, however authorities ethics guidelines required it. It’s an honor to serve President Trump and the American folks.”
In keeping with a White Home memo, Sacks liquidated greater than $200 million in digital property earlier than Trump took workplace. His agency, Craft Ventures, additionally exited positions in crypto-related shares, together with Coinbase (COIN), Robinhood (HOOD), and the Bitwise 10 Crypto Index Fund.
The transfer got here amid scrutiny over Sacks’ position within the administration, with some speculating that his affect performed a component in discussions about incorporating sure cryptocurrencies into a possible US digital asset reserve.
Media protection sparks debate
Sacks’ clarification reignited discussions about how crypto is portrayed within the media. Some trade figures argue that skepticism about digital property influences how information shops body tales.
Bankless HQ co-founder David Hoffman recommended that adverse headlines replicate broader public sentiment relatively than deliberate bias.
Hoffman wrote in response to Sacks’ put up:
“Most individuals are crypto-less and don’t need crypto to do nicely as a result of they don’t need to maintain cognitive dissonance about making any wealth in crypto. Media is titling headlines to cater to this want.”
Binance founder Changpeng ‘CZ’ Zhao echoed the sentiment and mentioned media shops prioritize engagement over accuracy.
CZ wrote:
“The media solely sells clicks, not ethics.”
He additionally criticized a current Wall Road Journal report alleging that the Trump household thought-about buying a stake in Binance US in trade for a pardon, calling the story baseless.
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