The official in charge of the AI and cryptocurrency policy of the Donald Trump administration in the United States has disposed of virtual assets worth 300 billion won. This is to prevent a conflict of interest in the policy-making process related to virtual assets. However, President Trump still holds virtual assets.
According to documents recently disclosed by the White House, David Sachs, the 'AI and Cryptocurrency Czar', sold virtual assets worth about 2 billion dollars (approximately 2,900 billion won), including Bitcoin, Ethereum, and Solana, through his company Craft Ventures.
The targets of the sale included not only Bitcoin, but also stocks of the largest US cryptocurrency exchange Coinbase and the investment platform Robinhood, as well as index funds based on virtual assets. Sachs personally held $850 million (about 1,230 billion won) worth of these assets. The rest were held through Craft Ventures, which he owns.
However, Sachs disposed of these assets before joining the White House. The large-scale sale was due to concerns about a conflict of interest as the official in charge of AI and cryptocurrency policy. Although some digital assets remain, they account for less than 0.1% of the total investment assets and are expected to be sold soon. However, it was found that Craft Ventures is still investing in investment funds that hold some digital assets.
CNBC, a US economic media outlet, pointed out that Sachs' large-scale sale is compared to other figures in the Trump administration. President Trump holds a stake in Trump Media, the parent company of the social media platform 'Truth Social'. He has also launched several virtual asset projects that could increase in value due to government policies. Last year, he established a virtual currency company called World Liberty Financial, and before taking office, he issued the 'Official Trump' meme coin through CIC Digital, a group affiliate.
Several other officials, such as Commerce Secretary Gina Raimondo, have also made large-scale investments in virtual assets. After stepping down as CEO of the investment firm Cantor Fitzgerald, Raimondo is known to have earned hundreds of millions of dollars through investments related to the virtual currency Tether.
