David Sacks, the White House AI and Crypto Czar, has made headlines with his recent divestment from Multicoin Capital, a venture capital firm known for its support of Solana. This decision comes at a time of increased scrutiny regarding a proposal to include various cryptocurrencies in a national crypto stockpile.

Following his announcement, Sacks revealed that he sold his stake in Multicoin Capital and liquidated his entire digital asset portfolio before joining the administration. His investment in Solana through Multicoin reportedly generated returns of approximately $1 billion. In light of concerns about the potential misuse of taxpayer funds in the crypto initiative, he also mentioned a recent sale of $BITW for $74,000.

In his ongoing role, Sacks is set to chair the inaugural White House Crypto Summit, scheduled for Friday. This summit will bring together leaders from the crypto industry and the President’s Working Group on Digital Assets to discuss strategies for:

• Strengthening the U.S. position in global crypto markets
• Establishing clear regulatory frameworks

📎 Related coverage from: cryptobriefing.com