“NYT’s Take on Sacks’ Conflicts: Just a Bunch of Hot Air”

David Sacks, the White House AI and crypto czar, has shot back at The New York Times regarding a report that suggests his government role could benefit him and those around him financially.

In a post on X, Sacks mentioned that he has “debunked in detail” the Times’ claims for the last five months, yet they still went ahead and published a story on Sunday highlighting potential conflicts of interest.

“Today they apparently just gave up and published this nothing burger,” Sacks expressed. “Anyone who reads the story closely can see they’ve just strung together a bunch of anecdotes that don’t really back the headline.”

Sacks, a co-founder and partner at Craft Ventures, has faced scrutiny over his special government role. Notably, Democrat Senator Elizabeth Warren pointed out back in May that his investments in the crypto industry could allow him to profit from changes in crypto policies made at the White House.

Before stepping into his role as crypto czar, Sacks and Craft Ventures divested over $200 million in crypto-related assets, with Sacks personally holding at least $85 million. Still, he kept interest in some illiquid investments linked to digital asset firms.

Sacks Holds 20 Crypto Investments, According to The Times

The Times reported that Sacks’ financial disclosures show he still has 708 tech investments—449 focused on AI and 20 in crypto—all potentially benefiting from the policies he supports.

One instance of a perceived conflict is Craft Ventures’ investment in BitGo, a crypto infrastructure company that offers stablecoin-as-a-service, which filed to go public in September. Records indicate Craft owns 7.8% of the company.

Sacks was a key supporter of the GENIUS Act aimed at regulating stablecoins, which many believe could enhance their adoption among institutions.

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The Times also pointed out connections between Sacks, Craft, and AI companies, which have seen a surge in value due to optimism surrounding the technology’s future.

While the Times mentioned ethics waivers Sacks received in March, there’s no specific timeline for when he divested his interests, nor details about the current value of his remaining investments in AI and crypto.

Sacks Claims NYT Created a “Bogus Narrative”

In his post, Sacks shared a letter from his legal team at Clare Locke that accused the Times of trying to create a “hit piece” with “clear marching orders” to find conflicts of interest.

Sacks stated that it was “clear how NYT purposely mischaracterized or overlooked facts to support their fabricated narrative.”