Emma Nelson 
Gemini Cofounder. The announcement of the Crypto Strategic Reserve has sparked significant controversy, with many critics accusing crypto czar David Sacks of benefiting unjustly from the situation. These criticisms have been mainly centered around the belief that Sacks might be leveraging his position for personal gain. However, in the midst of these swirling allegations, Gemini co-founder Cameron Winklevoss has come forward to defend Sacks, highlighting that the crypto czar is actively sacrificing a massive fortune in potential crypto gains to prevent any conflicts of interest.
Gemini Cofounder
Gemini Founder Defends Sacks, Claims He Could Lose Up to $1 Billion in Crypto Gains
Amidst the growing wave of speculation about unjust enrichment, Sacks took the step of publicly confirming that he had sold off all his cryptocurrency holdings in order to prevent any potential conflicts of interest. This decision was aimed at ensuring that he could perform his duties without being influenced by his financial interests in the crypto market. In a public statement, Gemini Founder Cameron Winklevoss remarked that Sacks’ decision to sell his cryptocurrency assets would likely cost him a fortune, possibly as much as $1 billion in gains over the next four years.
“David Sacks is going to easily lose out on $1 billion in crypto gains over the next 4 years,” Winklevoss said. “He sold all of his crypto holdings, including $85 million of his personal holdings, before becoming the AI and crypto czar.”
Sacks himself confirmed that he had divested his entire digital asset portfolio, including the $85 million in personal holdings. Additionally, he disclosed that he sold off a significant portion of his holdings in crypto funds, including Bitwise and Blockchain Capital, before assuming his role. His decision was part of his commitment to avoid any conflicts of interest while leading the charge for a new approach to crypto policy in the United States.
Sacks Leads Crypto Policy Changes Without Personal Gain
Despite the widespread criticism, it’s clear that David Sacks has been making significant strides in reshaping U.S. crypto policy. As the appointed crypto and AI czar, Sacks has taken a leading role in facilitating the White House Crypto Summit, where he pushed forward the idea of establishing a Strategic Bitcoin Reserve for the country, alongside the creation of a U.S. Digital Asset Stockpile.
In his public statements, Sacks acknowledged the historical loss the U.S. government had incurred by selling off confiscated Bitcoin, estimating the total loss at over $17 billion. This loss has spurred Sacks’ efforts to reform the U.S. government’s approach to digital assets, working towards building reserves and potentially setting the stage for future crypto market growth. His leadership in this area has also been expected to ignite new institutional interest in the crypto ecosystem, with predictions that such actions could drive cryptocurrency prices to new all-time highs during the remainder of President Trump’s first term.
However, Winklevoss emphasized that despite these significant policy changes, Sacks would not personally benefit from the economic upside of the new developments. “He is doing tremendous work and will not be sharing in any of the economic upsides to avoid even the slightest appearance of a conflict,” Winklevoss stated, reinforcing that Sacks’ commitment to his role and the integrity of his work is his primary focus.
In the face of these major policy initiatives, David Sacks is continuing to make personal sacrifices, including foregoing the potential windfall that might accompany the eventual success of the policies he is helping to craft, underscoring his dedication to serving the public interest rather than personal gain.
