Crypto Czar David Sacks has had a rough couple of days. As the much-anticipated first White House Crypto Summit is about to take place, there have been a lot of accusations and criticisms on social media platforms.
While preparing for the summit, David Sacks frequently posted clarifications: Yes, I sold all cryptocurrencies (including BTC, ETH and SOL) before this administration took office . I also sold Multicoin . I didnt actually need to sell it at the time because the ethical review process was still ongoing. But I took the initiative to sell all my cryptocurrencies and crypto-focused funds.
Bitwise CEO and Multicoin co-founder also spoke out for him: David Sacks has sold his stake in Bitwise ; David Sacks, the White House AI and cryptocurrency director, is aware of his role. A few months ago, his team contacted us , and we found a buyer for the remaining Multicoin-related assets of his Craft Ventures.
Why are they frequently accused?
Why has David Sacks been accused so often recently? The focus is mainly on Bitwise and Multicoin Capital, two companies that have interests with David Sacks.
The direct trigger was that the cryptocurrency reserve assets listed by Trump were highly consistent with Bitwises asset portfolio. David Sacks venture capital company Craft Ventures invested in Bitwises seed round as early as 2017 and has a close relationship with Bitwise. Bitwises cryptocurrency index fund holds a large amount of BTC, ETH, SOL, XRP and ADA-and these five assets happen to be the cryptocurrencies that Trump plans to include in the reserve. Critics ironically said that Bitwises investment portfolio was a lucky coincidence for David Sacks. If the government purchases the strategic reserve assets proposed by Trump (such as BTC, ETH, etc.), Bitwise may naturally benefit from it.
However, according to a statement issued by Bitwise CEO on the morning of March 6: David Sacks has sold his stake in Bitwise , it is unlikely that David Sacks will receive dividends directly from the companys profits.
It is also worth noting that David Sacks was a Solana fan and invested in early Solana as an LP of Multicoin Capital in 2018. He also mentioned in a well-known podcast All-In that he had not sold SOL even after the collapse of FTX. As a defender of Republican ideas, David Sacks also described the courts mixed ruling that XRP does not constitute a security when sold on a public exchange, but constitutes a security when sold to institutional investors, as a victory for the entire crypto industry.
Taking all the above factors into consideration, although David Sacks has repeatedly clarified that he no longer holds crypto assets and has sold shares in related companies, his clear support for individual altcoins still makes it difficult to quell market suspicions.
What to watch out for at the first Crypto Summit?
For David Sacks, the White House Crypto Summit, which he is about to host, is the top priority at the moment. This summit is the first time that the White House has held such an event, and it is of a very high standard. In addition to US President Trump, AI and Crypto Tsar David Sacks, and Crypto Working Group Executive Director Bo Hines, sources said that politicians attending the summit also include US Treasury Secretary Scott Bessent, US Commerce Secretary Howard Lutnick, New York Attorney General Letitia James, US Attorney General Pam Bondi, and SEC Chairman Paul Atkins. Of course, well-known figures in the crypto industry will also attend the summit, such as Ripple CEO Brad Garlinghouse, Strategy Executive Chairman Michael Saylor, Paradigm co-founder Matt Huang, etc.
According to multiple media reports, the most eye-catching thing at this summit may be the National Crypto Strategic Reserve plan. The plan intends to include mainstream cryptocurrencies such as Bitcoin, Ethereum, Solana, Cardano and Ripple (XRP) into the national reserve system, and its scale and functional positioning are similar to traditional oil reserves. According to Forbes , the selection of reserve assets takes into account the characteristics of each currency: Bitcoins anti-inflation properties as digital gold, Ethereums smart contract ecosystem, Solanas high-performance application platform, Cardanos research-driven security architecture, and Ripples cross-border payment efficiency advantages.
In terms of regulatory system construction, the summit will focus on the top-level design of stablecoins and the overall regulatory framework. Cointelegraph revealed that Trump adviser David Sacks advocated strengthening the dollar hegemony through stablecoins, a view that may affect federal regulatory plans. The draft bill currently being promoted by the House Financial Services Committee shows that stablecoin institutions with an issuance volume of more than 10 billion US dollars may be included in the Federal Reserves regulatory system, forming a two-tier regulatory structure of federal and state governments. At the same time, the 21st Century Financial Innovation and Technology Act proposed in 2023 may usher in substantial progress. Its core lies in coordinating the regulatory powers and responsibilities of the SEC and the CFTC and building a digital asset regulatory paradigm that takes into account both innovation and security.
In order to achieve the strategic goal of becoming the Crypto Capital, the summit may launch a series of innovative incentives. CryptoBriefing analysis pointed out that the government may relax regulatory restrictions during the Biden era. An unexpected detail is that the summit may also discuss tax reforms related to cryptocurrencies. According to BeInCrypto , tax reforms may be part of the agenda and may affect investors tax burdens, involving simplified tax reporting for crypto transactions or providing tax incentives to promote industry growth.
David Sacks is responsible for developing a legal framework that is conducive to the development of the crypto industry. At a press conference on February 4, 2025, he discussed the United States leadership in the digital asset ecosystem with Republican policymakers, emphasizing the importance of keeping innovation at home. It is conceivable that if public opinion continues to ferment, it will not only weaken David Sacks voice, but also greatly reduce the transparency and credibility of the Trump administrations crypto policy.
The White House Crypto Summit may be the key for David Sacks, the crypto czar, to reverse public opinion. At a time when the market is already in a crisis of trust amid various rugby, insider trading, and insider trading, can this summit restore market confidence and rebuild trust? Will David Sacks use policy results to hedge against the accusation of conflict of interest or continue to be questioned for endorsing specific tokens? Let us wait and see.
