President Donald Trump's AI and Crypto “Emperor” and his venture capital firm Craft Ventures recently said goodbye to a whopping $200 million worth of digital assets held.
According to Bloomberg, the company liquidated its entire crypto portfolio of Crypto Portfolio (Bitcoin (BTC), Ethereum (Eth) and Solana (SOL) before Trump's inauguration on January 20th, citing a White House memo.
The revelation was made by White House lawyer David Warrington on March 5th.
Among the sale, Sachs dumped his shares in Coinbase and Robinhood.
Craft ventures sold their own profits to Multicoin Capital and Bitwise Asset Management, followed by.
Sachs repeatedly insisted that he was no longer in the code. At least not after becoming the Cryptocrat of the White House. He emphasized that he would deal directly on March 3rd and responded to a tweet by VC reporter George Hammond.
“Right. He made it clear on X (formerly Twitter).
Democrat Sen. Elizabeth Warren had sought a bag to make his financial disclosures public. By selling his crypto holdings before taking on the role of Crypto Adviser, Sacks clearly distances himself from potential bias.
But what is Trump's track record on this issue? That's a different story.
Potential conflict of interest
On the eve of his inauguration, Trump launched his own Memecoin, the official Trump (Trump). This is a token that is not useful. But that didn't stop it from winning a cult following and peaking at $15 billion worth.
Those followers? They lost billions. Official Trump is currently down from an all-time high of its value around 83.5%. See below.
A recent Financial Times survey shows that the project has raised at least $350 million in the first three weeks of launch. Despite allegations that “it is not distributed or sold by Donald Trump or his affiliates,” Memocoin's real supporter is Trump's subsidiary CIC Digital, and appears to be a fight fight LLC, which owns 80% of the tokens.
Trump's crypto venture didn't stop there. Last September he launched World Liberty Financial, a decentralized finance platform that promotes WLFI tokens. His sons, Eric, Don Jr. and Baron, are all reportedly involved in the project.
This week, World Liberty Financial raised $550 million in token sales, bringing its total funds to close to $600 million so far. So far, it has secured $550 million by selling WLFI tokens, ICO Drops data shows.
Last month, Crypto.News reported that World Liberty Financial has sold over 24 billion tokens and can purchase around 950 million tokens.
It is worth noting that on March 6, Trump signed a second executive order to establish a US Bitcoin Reserve and digital assets stockpile. At the time, Sack had downplayed the decision to include altcoins in its stockpile.
Binding up binance?
Vinanence reportedly will sell financial stakes in the US arm in a meeting with Trump and/or world Liberty Financial. The debate reportedly began after Binance, the world's largest cryptocurrency exchange. Rbeagan is about to reestablish its presence in the US market.
It remains unclear whether the pardon of Binance founder and former CEO Changpeng Zhao is subject to.
Remember how Binance has brushed its law these days. The company that does not have an official headquarters has encountered serious legal issues with money laundering and allegations of regulatory violations.
However, under the Trump administration, cryptocurrency companies like Binance will benefit from loose regulations. So far, Trump-appointed leadership of the Securities and Exchange Commission has stopped numerous investigations into crypto companies that began under President Joe Biden's watch.
