Massachusetts Senator Elizabeth Warren, the senior member of the Senate Banking Committee, is urging White House AI and Crypto Chief David Sacks to substantiate his assertions that he no longer possesses any digital holdings.
In a letter dated March 6 to Sacks, Sen. Warren indicated that US President Donald Trump and “other private entities” would gain directly from the executive branch’s digital asset strategies. She voiced apprehensions regarding Sacks’ possible conflicts of interest, urging him to disclose any financial information with the Office of Government Ethics publicly and to clarify his alleged status as a “special government employee.”
Letter to David Sacks dated March 6. Source: Elizabeth Warren
Sen. Warren referenced Sacks’ engagement with the administration since Trump proclaimed his appointment as a crypto chief in December 2024. The US president executed an executive order in January to establish a working group aimed at examining digital asset regulation — overseen by Sacks — which involves a US crypto reserve.
Trump remarked at the signing of the executive order that Sacks was destined to “make a lot of money,” insinuating that he would gain personally from the governmental policies he was supervising. On March 2, the US president declared that he had instructed the working group to incorporate XRP (XRP), Solana (SOL), and Cardano (ADA) in the cryptocurrency reserve, alongside Bitcoin (BTC) and Ether (ETH), which Sacks had but asserted he sold prior to Jan. 20.
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“President Trump’s announcement on March 2, along with your follow-up on March 6, has led to confusion regarding the Administration’s crypto strategies and has raised significant questions about your past crypto investments — notably investments in all five tokens the President initially suggested for a ‘strategic reserve,’” said the Massachusetts senator, further commenting:
“In spite of your public declarations via X, it remains ambiguous exactly when you personally divested from BTC, ETH, and SOL, when Craft Ventures withdrew from Bitwise, and whether individuals close to you ‘may have maintained positions and sold during the recent price rise.’”
Numerous lawmakers and industry figures have criticized Trump for his potential conflicts of interest stemming from his engagement with a memecoin. Sen. Warren highlighted a statement from the US Securities and Exchange Commission on Feb. 27 indicating it no longer regarded memecoins as securities, suggesting the agency — under an acting chair selected by the US president — acted to directly advantage Trump.
Sen. Warren requested that Sacks respond to her inquiries by March 14, also recommending that he contemplate speaking on the topics at the White House crypto summit. Industry leaders and crypto CEOs — several of whom have recently seen investigations or enforcement actions dismissed by the SEC — will be present at the event on March 7.
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