TL;DR
- Senator Elizabeth Warren demands financial disclosures from David Sacks amid concerns of conflicts of interest regarding crypto policies.
- Trump’s recent executive order on a U.S. Strategic Bitcoin Reserve sparks debate as Warren raises ethical concerns with crypto czar David Sacks.
- Sacks defends his actions after selling crypto holdings, while the Senator calls for transparency and an investigation into potential conflicts.
Senator Elizabeth Warren has raised concerns about potential conflicts of interest surrounding President Trump’s crypto czar, David Sacks, ahead of the inaugural Crypto Summit at the White House. Following the President’s recent executive order to establish a U.S. Strategic Bitcoin Reserve, the Senator requested immediate public disclosures regarding Sacks’ financial dealings to ensure transparency in crypto policies.
In her letter, Warren specifically asked Sacks to clarify how he has managed potential conflicts of interest related to the Trump Administration’s push to manipulate the value of specific crypto assets. She questioned whether the President or other private individuals would profit from these actions, which include deregulating the crypto industry and easing enforcement measures.
Warren also requested details on any financial disclosures Sacks has filed with the Office of Government Ethics, as well as the exact dates when he and his company, Craft Ventures, divested from their crypto investments.
Senator Warren Questions the Decisions Behind the Cryptocurrency Reserve
David Sacks, who has been under scrutiny for his past crypto holdings, responded by confirming that he sold off his cryptocurrency assets, including Bitcoin, Ethereum, and Solana, before President Trump took office. He denied claims that he still holds indirect crypto investments, specifically denying his involvement with the Bitwise Crypto Index Fund. Sacks assured the public that he had voluntarily sold all crypto-focused investments, even though the official ethics review was still ongoing.
Warren also raised questions about the creation of a U.S. Crypto Strategic Reserve, which Trump announced would include Bitcoin, Ether, XRP, Solana, and Cardano. She demanded to know who was aware of this plan and whether any federal employees had purchased these assets prior to the announcement.
Additionally, she expressed concerns about the SEC’s recent decisions to drop legal cases against major crypto firms and its stance on memecoins, suggesting that these moves might disproportionately benefit wealthy investors and insiders, including those tied to the Trump Administration.
