White House AI and crypto adviser David Sacks pushed back against The New York Times after the outlet published a report suggesting his policy role could benefit his personal investments and those of his associates.
In a post on X, Sacks said that even though he has “debunked in detail” the Times’ claims over the past five months, the newspaper still went ahead with the story on Sunday alleging conflicts of interest.
“Today they evidently just threw up their hands and published this nothing burger,” he wrote. “Anyone who reads the story carefully can see that they strung together a bunch of anecdotes that don’t support the headline.”
Sacks, a co-founder and partner at venture firm Craft Ventures, has previously faced scrutiny for his special government employee position at the White House. In May, Democratic Senator Elizabeth Warren argued that Sacks is “financially invested in the crypto industry,” potentially placing him in a position to profit from policy decisions he helps shape.
Before taking on his role as the White House’s “crypto czar,” David Sacks and Craft Ventures sold more than $200 million worth of crypto and crypto-linked stocks—at least $85 million of which belonged to Sacks personally. However, he retained stakes in several illiquid private-equity positions tied to digital-asset companies.
Times: Sacks still holds 20 crypto investments
According to The New York Times, an analysis of Sacks’ financial disclosure found he continues to hold 708 tech investments—449 in AI and 20 connected to crypto—any of which could be affected by the policies he advocates.
One example cited by the newspaper involves Craft Ventures’ investment in BitGo, a crypto-infrastructure company that offers stablecoin-as-a-service. BitGo filed to go public in September, and regulatory documents show Craft owns 7.8% of the firm.
The Times also pointed out that Sacks was a major proponent of the GENIUS Act, a stablecoin-regulation bill that became law earlier this year and was widely seen as a catalyst for greater institutional adoption.
Beyond crypto, the Times highlighted Sacks’ and Craft’s ties to numerous AI-related companies, many of which have surged in value amid enthusiasm from both the White House and Wall Street.
Sacks’ ethics waivers, released in March, stated that he would divest from AI and crypto holdings, but they did not specify when those assets were sold or detail the value of what remains.
Sacks says the Times built a “bogus narrative”
In his post on X, Sacks shared a letter from his attorneys at Clare Locke accusing the Times of attempting to craft a “hit piece” and directing reporters to uncover conflicts of interest. Sacks argued the newspaper “willfully mischaracterized or ignored the facts” to construct a “bogus narrative.”
His spokesperson, Jessica Hoffman, told the Times that Sacks has adhered to all rules for special government employees. The Office of Government Ethics also said Sacks is required to sell certain types of investments, but not others.
Sacks’ role as a special government employee is capped at 130 days of service. In September, Democratic lawmakers questioned whether he had exceeded that limit, but Sacks reportedly monitors his days closely to remain compliant.
