Elizabeth Warren Accuses David Sacks
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Senator Elizabeth Warren is questioning Crypto Czar David Sacks on his conflict of interest with Bitwise. The White House official had earlier stated that he sold his stakes before taking on the Crypto Czar role. US Senator Elizabeth Warren has issued a letter to White House Crypto Czar David Sacks, questioning him about a potential conflict of interest. In the letter, Warren accused Sacks of investing in Bitwise Investment’s funds, holding five top cryptocurrencies. Sacks Accused of Investing in Crypto These include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA). Notably, President Donald Trump recently spotlighted these assets for the establishment of a national crypto reserve. They are also among the top 10 assets ranked on MarketCap. Warren questioned Sacks’s investment in the five cryptocurrencies featured in Trump’s crypto reserve in her letter. She contends that the government’s support for the blockchain industry would drive up values for existing holders, raising conflict of interest questions for officials like Sacks. Sacks is a special government employee under Trump’s second-term administration. As detailed in our recent news piece, Sacks is an early advocate for cryptocurrencies. In a 2017 interview, He said Bitcoin was transforming the internet. Trump emphasized that Sacks would work on developing a legal framework that would provide clarity for the crypto industry. However, the new role offers Sacks certain exemptions under ethics rules. For instance, he can maintain the confidentiality of his financial disclosure reports. Meanwhile, on Sunday, Trump’s crypto reserve announcement sparked a $300 billion global crypto rally. BTC, ETH, SOL, XRP, and ADA posted outsized gains following the rally, which piqued Warren’s interest regarding Sacks’ alleged investment in Bitwise. Tough Times for David Sacks The Senator asks for the identities of anyone who helped Trump determine the five cryptocurrencies. In her letter, she also questioned how many were…
Filed under: News - @ March 8, 2025 5:24 am