Sacks and his VC firm sold over $200M in crypto and stocks before WH role – BitRss

David Sacks and his venture capital firm offloaded over $200 million in crypto and crypto-related stocks before he commenced his role as the White House AI and crypto czar, according to a White House memorandum.

“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 March 5 dated memorandum said.

Crypto sell-off in an effort to prevent conflict of interest

The memorandum said the “significant steps” were taken to reduce potential conflicts of interest before Sacks began his tenure as the White House AI and crypto czar — in which a major part of his role is to help create a legal framework for the crypto industry.

Sacks offloaded all the “liquid cryptocurrency” in his portfolio, as well as Craft Ventures’ portfolio — the investment firm he co-founded in 2017 — including holdings in Bitcoin (BTC ($84,225.88)), Ether (