David Sacks, the AI and Crypto Czar of the Trump administration, criticized the media for portraying the cryptocurrency market negatively.
His remarks were in response to recent reports that described the sale of over $200 million in digital assets as a "dump".
Cryptocurrency Sale or Dumping? David Sacks Responds to Media Coverage
According to reports, David Sacks and his company, Craft Ventures, liquidated their entire cryptocurrency portfolio just before President Trump took office.
"Importantly, we have already taken the significant step of selling hundreds of millions of dollars in digital assets or related industry holdings to minimize any potential conflicts of interest from digital asset holdings," a White House memo stated.
According to the memo, the assets Sacks sold included Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). It also included various cryptocurrency-related funds and stocks such as the Bitwise 10 Crypto Index Fund, Coinbase (COIN), and Robinhood (HOOD).
However, Sacks addressed the media reports that described his sales as a "dump" through X (formerly Twitter).
"I did not 'dump' crypto. I sold," David Sacks posted.
He argued that this characterization was not only inaccurate but also intentionally misleading. The Crypto Czar emphasized that this was an attempt to undermine the credibility of the cryptocurrency market. He also stressed that government ethics regulations required his actions to avoid the appearance of a conflict of interest.
Sacks' statements have resonated with several industry leaders. CZ, the former CEO of Binance, expressed his support on X.
"They sell clicks, not ethics," CZ wrote.
David Nage, a portfolio manager at Arca, also defended Sacks' actions and criticized the media's portrayal.
"The media's 'dump' spin shows how the crypto 'trust but verify' ethos clashes with the blind trust-based legacy system," Nage responded.
Meanwhile, analyst Colin called for cutting off all government funding to media outlets. Additionally, David Hoffman, a co-owner of Bankless, argued that media outlets often reflect the perspectives and biases of society as a whole, particularly when it comes to the perception of cryptocurrencies.
He claimed that most people are not involved in cryptocurrencies. In fact, they may not want to see the potential wealth creation of cryptocurrencies, as it would create "cognitive dissonance" by confronting their beliefs that they are not benefiting from the success of others in the crypto space.
"The media is catering to this need with their headlines," he added.
Interestingly, this occurred amid growing opposition to Trump's digital asset stockpiling and strategic Bitcoin reserve establishment. In fact, surveys show that a majority of voters are concerned about the U.S. government's involvement in cryptocurrency and blockchain development. Many believe the government should reduce its investment in these technologies.
