Elizabeth Warren questions Crypto Czar David Sacks’ cryptocurrency profits amid market swings

Senator Elizabeth Warren has called for greater transparency in David Sacks‘ role as Donald Trump administration’s crypto and artificial intelligence advisor.

In a March 6 letter, Warren urged Sacks to prove that he is not personally profiting from policies that favor select digital assets, weaken regulatory oversight, and ease enforcement actions against the crypto industry.

Warren stressed that her letter was necessary because public officials must prioritize national interests over personal financial gain.

According to her:

“Americans deserve strong leaders who will prioritize the public interest ahead of their own bottom lines.”

Sacks crypto holdings

In the letter, the lawmaker noted that Sacks had previously stated that he divested his holdings in Bitcoin, Ethereum, and Solana before taking up his government role.

However, Warren demands specific details on when these sales occurred and confirmation of when his investment firm, Craft Ventures, exited its position in Bitwise Investments, a major crypto asset manager.

According to the lawmaker:

“Despite your public statements via X, it remains unclear exactly when you personally divested from BTC, ETH, and SOL, when Craft Ventures divested from Bitwise, and whether people close to you ‘may have held positions and sold into the recent price surge.’”

Warren demanded transparency regarding whether Sacks had filed financial disclosures with the Office of Government Ethics and how long he plans to serve in his current role.

Crypto reserve questions

Beyond Sacks’ crypto holdings, Warren raised concerns about Trump’s proposed Crypto Strategic Reserve, which suggests the US government should hold Bitcoin, Ethereum, XRP, Solana, and Cardano.

According to her, the Crypto Strategic Reserve move has the “potential to benefit a wealthy, well-connected few at the expense of taxpayers.”

Considering this, Warren questioned who knew about Trump’s national crypto reserve plans and how specific tokens were chosen for inclusion.

Warren wrote:

“Who worked with President Trump to determine which cryptocurrency tokens should be included in the March 2 proposed strategic reserve?”

SEC’s enforcement

Moreover, Warren questioned whether the US Securities and Exchange Commission’s (SEC) decisions—such as its softened stance on memecoins—were designed to protect certain market players, including Trump’s crypto ventures.

She wrote:

“The [SEC] statement has the potential to directly benefit President Trump and First Lady Melania Trump, who launched two meme coins, $TRUMP and $MELANIA, during President Trump’s inauguration weekend.”

Additionally, she raised concerns about the financial regulator’s decision to drop its lawsuit against Coinbase and pause its legal action against the controversial crypto entrepreneur Justin Sun.

Warren argues that these actions could disproportionately benefit billionaire investors and administration insiders while sidelining everyday Americans.

She stated:

“These actions have the potential to benefit billionaire investors, Trump Administration insiders, and speculators at the expense of middle-class families.”

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