Senator Elizabeth Warren Questions Sacks’ Sell-Off Claim, Cites Bitwise Investment

United States Senator Elizabeth Warren had expressed skepticism regarding David Sacks’ recent claim of selling all his cryptocurrency holdings before President Trump assumed office. In a critical letter on Friday, Warren outlined several points questioning potential conflicts of interest in his role and those working with him.

For context, David Sacks, the White House’s first AI and Crypto Czar, was embroiled in several discussions regarding his cryptocurrency exposure following Trump’s crypto strategic reserve plan on March 2. Many mentioned Sacks’ ties to the asset manager Bitwise, suggesting that he had retained the selected crypto holdings. However, he dismissed the rumors, explaining that while his investment firm, Crypto Ventures, maintains stakes in certain crypto startups, he sold his positions on January 22.

Warren Seeks Financial Disclosures from Sacks

In the letter, Senator Warren highlighted a series of moves by President Donald Trump’s administration, which she claims raises concerns about how ethically it is making decisions around this industry. She referred to the SEC’s declaration that memecoins are not securities, the regulator dropping its case against Coinbase, and the pause in the case against crypto entrepreneur Justin Sun.

She also demanded that Sacks reveal the dates and documents he divested BTC, ETH and SOL from his portfolio and Bitwise Investments. Furthermore, Warren requested disclosures detailing how prior knowledge of Trump’s crypto reserve announcement might have influenced his choices and the criteria used to select assets for the reserve.

Warren also sought information on how Sacks intends to prevent the President and other private individuals from profiting directly from the Trump Administration’s efforts to “selectively pump the value of certain crypto assets.”

“Americans deserve strong leaders who will prioritize the public interest ahead of their own bottom lines. I hope you address these obvious concerns about conflicts of interest…we ask that you immediately make any financial disclosures that you have filed with the government public, to ensure Congress and the American people that you have made appropriate divestments and that you no longer hold investments that present conflicts of interest,” the letter stated.

Senator Warren’s scrutiny aligns with the broader stance on cryptocurrency regulation, which aims to boost transparency and ethical considerations in cryptocurrency investments, especially among political figures and public officials.

Meanwhile, the White House signed an executive order on Thursday to establish a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile.