White House-appointed ‘Crypto Czar,’ David Sacks, revealed Tuesday he might not have sold his cryptocurrency holdings if not for government ethics rules.

What Happened: Sacks took to X to criticize the media portrayal of his cryptocurrency moves before joining the administration. He wrote, “Why does the media always want to portray cryptocurrency in the worst light? I did not "dump" my cryptocurrency; I divested it.”

Sacks, a long-standing cryptocurrency investor, admitted that he would have “preferred not to” offload his stash but

According to the U.S. Office of Government Ethics, officials who are personally invested in cryptocurrencies need to divest their holdings before they can work on cryptocurrency-related policies.

Earlier this month, Sacks confirmed that he had liquidated all his cryptocurrency holdings, including Bitcoin, Ethereum, and Solana, prior to joining the Trump administration. His investment firm, Crypto Ventures, still retains stakes in a few crypto startups, but he no longer has direct exposure to digital assets.

See Also: Crypto Leaders Step Up Pressure On SEC As Trump’s Policies Reshape Regulatory Landscape

Why It Matters: Sacks’ divestment from cryptocurrencies has been a topic of discussion since his appointment as the ‘Crypto Czar’ by President Donald Trump in December 2024.

Earlier this month, Sacks confirmed that he had liquidated all his cryptocurrency holdings, including Bitcoin BTC/USD, Ethereum ETH/USD, and Solana SOL/USD, before joining the Trump administration.

While his investment firm, Crypto Ventures, still retains stakes in a few cryptocurrency startups, Sacks himself doesn’t have direct exposure to digital assets.

Sacks has been a known Trump loyalist. He, along with well-known venture capitalist Chamath Palihapitiya, hosted a fundraiser at his residence, which ended up collecting $12 million for Trump's presidential campaign last year.

Image via Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.