Ahead of White House Crypto Summit, Warren Questions Trump Crypto Czar on Corrupt Plan for a Strategic Reserve and his Conflicts of Interest
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), ranking member of the Senate Banking, Housing, and Urban Affairs Committee, sent a letter to David Sacks, President Donald Trump’s Special Advisor for AI and Crypto, calling on him to immediately make any financial disclosures that he has filed with the government public and explain how he is addressing conflicts of interest as the Administration pushes policies that could directly benefit the President, Administration insiders, and wealthy investors.
“I write today to request information about how you, as President Trump’s “Crypto Czar,” have addressed your own conflicts of interest, and how you will prevent the President and other private individuals from directly profiting off of the Trump Administration’s efforts to selectively pump certain crypto assets, drop crypto asset-related enforcement actions, and deregulate the crypto asset industry,” wrote the lawmaker.
The letter raises serious concerns about the Administration’s decision to selectively promote certain cryptocurrencies — including assets Sacks has previously invested in — through a proposed "Crypto Strategic Reserve." The President’s announcement of a reserve triggered a surge in crypto prices before a sharp drop, raising concerns about possible market manipulation and insider trading. Ranking Member Warren is pressing Sacks to disclose when and how he divested from these assets and whether others close to him may have profited from advanced knowledge of Trump’s announcement.
“Despite your public statements via X, it remains unclear exactly when you personally divested from BTC, ETH, and SOL, when Craft Ventures divested from Bitwise, and whether people close to you ‘may have held positions and sold into the recent price surge,’” wrote Ranking Member Warren.
President Donald Trump signed an executive order yesterday establishing a strategic bitcoin reserve, and reportedly at the White House Crypto Summit this afternoon, the Administration is expected to officially launch the strategic reserve with top industry executives — including individuals with direct financial stakes in the Administration’s crypto policies. The letter highlights that some of today’s attendees have had lawsuits against them dropped by the Trump-led SEC, raising questions about whether policy decisions are being influenced by industry insiders and political donors.
“The planned Crypto Strategic Reserve is just the most recent example of a Trump Administration crypto policy with the potential to benefit a wealthy, well-connected few at the expense of taxpayers,” wrote the lawmaker. “Today, just two weeks after the SEC dropped this case, Coinbase CEO Brian Armstrong will attend the White House cryptocurrency summit that you will chair.”
Senator Warren requested a response from Sacks by March 14, 2025 to ensure Congress and the American people that he’s made appropriate divestments and no longer holds investments that present conflicts of interest.
“Americans deserve strong leaders who will prioritize the public interest ahead of their own bottom lines. I hope you address these obvious concerns about conflicts of interest as you chair today's White House cryptocurrency summit,” the lawmaker wrote.
The White House Crypto Summit follows a broader Republican push to gut financial consumer protections in an attempt to get away with scamming Americans. Earlier this week, Senate Republicans passed legislation to block the Consumer Financial Protection Bureau (CFPB) from cracking down on fraud in payment apps like Venmo, CashApp, and Elon Musk’s "X Money,” and next week, they are expected to advance a bill that would allow Musk to issue "X Money" as a stablecoin — without any consumer safeguards.
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