Trump’s crypto Czar slams media for misrepresenting divestment as dump

White House AI and crypto advisor David Sacks criticized claims that he “dumped” his crypto holdings and clarified that, after being appointed by President Donald Trump, he was required to divest due to government ethics rules.

In a March 19 social media post, Sacks addressed recent reports suggesting he had sold off his Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) investments, stating that the characterization was misleading.

“I did not ‘dump’ my cryptocurrency; I divested it. Obviously, I would have preferred not to, but government ethics rules required it. It’s an honor to serve President Trump and the American people.”

According to a White House memo, Sacks liquidated more than $200 million in digital assets before Trump took office. His firm, Craft Ventures, also exited positions in crypto-related stocks, including Coinbase (COIN), Robinhood (HOOD), and the Bitwise 10 Crypto Index Fund.

The move came amid scrutiny over Sacks’ role in the administration, with some speculating that his influence played a part in discussions about incorporating certain cryptocurrencies into a potential US digital asset reserve.

Media coverage sparks debate

Sacks’ clarification reignited discussions about how crypto is portrayed in the media. Some industry figures argue that skepticism about digital assets influences how news outlets frame stories.

Bankless HQ co-founder David Hoffman suggested that negative headlines reflect broader public sentiment rather than deliberate bias.

Hoffman wrote in response to Sacks’ post:

“Most people are crypto-less and don’t want crypto to do well because they don’t want to hold cognitive dissonance about making any wealth in crypto. Media is titling headlines to cater to this need.”

Binance founder Changpeng ‘CZ’ Zhao echoed the sentiment and said media outlets prioritize engagement over accuracy.

CZ wrote:

“The media only sells clicks, not ethics.”

He also criticized a recent Wall Street Journal report alleging that the Trump family considered acquiring a stake in Binance US in exchange for a pardon, calling the story baseless.

The post Trump’s crypto Czar slams media for misrepresenting divestment as dump appeared first on CryptoSlate.

  • Related Posts

    South Korean authorities raid Bithumb in corporate fund misuse inquiry

    South Korean prosecutors raided the headquarters of crypto exchange Bithumb on March 19 as part of an investigation into whether the company’s former CEO misused corporate funds to purchase an…

    Continue reading
    ECB reiterates need for a digital euro to counter influence of dollar-based stablecoins

    European Central Bank (ECB) Chief Economist Philip Lane has reiterated the need for a digital euro, emphasizing its role in mitigating risks from stablecoins and reducing reliance on US payment…

    Continue reading

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    South Korean authorities raid Bithumb in corporate fund misuse inquiry

    South Korean authorities raid Bithumb in corporate fund misuse inquiry

    ECB reiterates need for a digital euro to counter influence of dollar-based stablecoins

    ECB reiterates need for a digital euro to counter influence of dollar-based stablecoins

    VanEck sees Bitcoin pullback as reset amid rising institutional demand but warns of short-term risks

    VanEck sees Bitcoin pullback as reset amid rising institutional demand but warns of short-term risks

    SEC confirms PoW crypto mining exempt from securities law

    SEC confirms PoW crypto mining exempt from securities law

    Coinbase outlines new regulatory roadmap for SEC in crypto clarity push

    Coinbase outlines new regulatory roadmap for SEC in crypto clarity push

    Runes Protocol unveils ‘agents’ to enhance Bitcoin DeFi with native AMM capabilities

    Runes Protocol unveils ‘agents’ to enhance Bitcoin DeFi with native AMM capabilities