tl;dr
Sen. Elizabeth Warren (D-MA) has publicly demanded proof from David Sacks, President Donald Trump's Crypto Czar, that he is not personally profiting from the administration's efforts to inflate the value of certain cryptocurrencies. Warren's concerns about a conflict of interest were outlined in a 6...
Sen. Elizabeth Warren (D-MA) has demanded proof from David Sacks, President Donald Trump's Crypto Czar, that he is not personally profiting from the administration's efforts to inflate the value of certain cryptocurrencies. Warren's concerns stem from a 6-page letter released just before a crypto summit at the White House, questioning the timing of Sacks' divestment from BTC, ETH, and SOL, as well as the actions of his venture firm, Craft Ventures.
President Trump signed an executive order to establish a Bitcoin reserve, with Sacks emphasizing that it would not cost taxpayers. The Bitcoin price briefly dropped below $85,000 after the executive order, which allows the government to hold seized Bitcoin but does not explicitly permit the use of federal funds to purchase BTC. Ethical concerns have surrounded Trump's crypto policies, including the inclusion of Bitcoin and four other cryptocurrencies in the U.S.' strategic crypto reserve, as well as Trump's personal crypto ventures such as the Official Trump meme coin and the Trump Organization-owned DeFi project World Liberty Financial.
Sacks, a former PayPal executive with ties to prominent Trump allies, is part of a circle of executives drawing scrutiny for their influence in the Trump administration, raising concerns among political experts and former President Joe Biden.
Sen. Elizabeth Warren (D-MA) reiterated her demand for David Sacks, President Donald Trump's Crypto Czar, to prove he isn't "directly profiting off of the Trump Administration’s efforts to selectively pump the value of certain crypto assets." She outlined her concerns about a conflict of interest in a 6-page letter made public just hours ahead of a planned crypto summit at the White House. Sacks, who was appointed in early December, stated that he sold all his crypto assets before beginning in his role as crypto czar, but Warren's letter questioned the timing of his divestment from BTC, ETH, and SOL, as well as Craft Ventures' actions.
President Trump's executive order to establish a Bitcoin reserve, shared by Sacks on social media, briefly caused the Bitcoin price to slide below $85,000. The order allows the government to keep seized Bitcoin without explicitly permitting the use of federal funds to purchase BTC. Ethical concerns have also surrounded Trump's personal crypto ventures and the inclusion of cryptocurrencies in the U.S.' strategic crypto reserve, raising questions about the influence of tech executives in the Trump administration.