David Sacks dismisses crypto manipulation allegations as ‘lazy and stupid narrative’

In the latest episode of the All-In Podcast, White House AI and Crypto Czar David Sacks debunked allegations that he used his position to manipulate crypto markets. 

Sacks discounted all the accusations against him, calling it a “lazy and stupid narrative” that people think that already successful people enter government just to be even more successful. 

David Sacks calls critics’ allegations slander, dismissing them

Sacks claimed that people came out right away when he joined Trump’s administration, falsely accusing him of trying to inflate the value of his crypto holdings or even create exit liquidity for himself.  

Some critics even called out both him and Trump for directing billions of dollars to their own pockets and went as far as labeling their administration plans as a high-level heist. 

Sacks argued that all these accusations were very serious since they were alleging he committed a crime; nonetheless, he dismissed all of them, denouncing them as slander.

He further stated that he sold all his crypto holdings before taking office to avoid any appearance of a conflict of interest. 

He even argued that he could have waited and did not have to sell all his holdings as he did, but since the assets are prone to so many fluctuations, he chose to do so to avoid conspiracy theories springing up over his profits.

Moreover, he claimed that he and his venture firm Craft liquidated roughly $200 million in crypto assets. He also withdrew from multiple crypto-focused investment funds, including Bitwise, Multicoin Capital, and Blockchain Capital.

Kyle Samani, Co-Founder and Managing Partner at Multicoin Capital, even commented, “David understands the role he’s in. His team reached out to us a few months ago and found a buyer for Craft’s remaining Multicoin-related assets. David is above board, as you can be.”

Sacks insists that he did not use his office for personal gain

Sacks said it is a “lazy and stupid narrative” that people think someone who is already successful joins the government to be more successful. He said he was already making money before joining the government, adding that taking the czar position substantially disrupted his business interests.

He argued that even in divesting, he has to either pay more taxes or take a significant discount that still costs money, claiming there’s no truth in people’s claims that he used his office for personal gain. He, however, claimed that he was pleased to serve his country, the people, and Donald Trump, regardless of how much he lost.

Aside from claims that he used his office to manipulate his markets, some, like Senator Elizabeth Warren , have accused him of influencing Trump to choose altcoins, which he could benefit from to add to the digital asset stockpile. 

Sacks defended himself, saying Trump only picked XRP, SOL and ADA for the stockpile because of their high market caps.

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