David Sacks Denies NYT Claims Tied to AI and Crypto Interests
- An NYT report says Sacks’ tech and crypto investments may overlap with his policy influence.
- Sacks rejects conflict of interest claims, citing ethics waivers and compliance with federal rules.
- The NYT links Sacks’ support for the GENIUS Act to potential gains from the BitGo stake.
David Sacks, President Donald Trump’s White House adviser on artificial intelligence and cryptocurrency, is pushing back against a New York Times investigation that questioned whether his policy agenda favors his personal tech investments and those of close allies. The dispute centers on how far major venture capital figures should influence U.S. rules for AI and digital assets.
David Sacks’ AI and Crypto Czar Role in the Trump Administration
Sacks serves in an unpaid role often described as AI and crypto czar and helps design U.S. policy on digital assets and artificial intelligence. At the same time, he remains a co-founder and partner at Craft Ventures, a Silicon Valley venture capital firm backing a large portfolio of technology startups.
Before joining the government, Sacks and Craft Ventures sold more than $200 million in crypto assets and related stocks, including at least $85 million tied to him. Ethics waivers issued in March set conditions for those sales, and he says he now tracks his calendar to stay within the 130-day limit for special government employees. Public filings list 708 investments, including 449 in AI firms and about 20 in crypto-related businesses.
New York Times Allegations over AI, Crypto, and BitGo
The New York Times report, titled “Silicon Valley’s Man in the White House Is Benefiting Himself and His Friends,” focuses on how his stakes could gain from policies Sacks supports and broader efforts to promote AI and crypto.
One key example involves Craft Ventures’ stake in crypto infrastructure firm BitGo. Reportedly, Craft owns about 7.8% of BitGo, which offers custody and “stablecoin-as-a-service” products and recently filed for a U.S. public listing. The NYT links Sacks’ support for the GENIUS Act, a national stablecoin framework, to potential gains for BitGo and other portfolio companies if institutional demand rises under the law.
The article also highlights his AI investments. Many portfolio firms describe themselves as AI companies, even though their disclosures sometimes categorize them as either hardware or software companies. Critics, including Senator Elizabeth Warren, say this overlap creates an “explicit conflict of interest,” and coverage cites one ethics scholar who calls it a form of graft.
Related: David Sacks Calls for Clear Crypto Regulations for U.S. Crypto Dominance
Sacks’ Rebuttal, Legal Letter, and All-In Summit Dispute
Sacks strongly rejects the New York Times’ conclusions and has taken his response public. In a post on X, he says Times reporters spent five months investigating accusations that he and his friends profited from his White House role, and he contends that his team “debunked” each claim during the fact-checking process.
His spokesperson says Sacks followed rules for special government employees and sold the holdings identified by the Office of Government Ethics before taking office. The Clare Locke letter, which Sacks released, also alleges that reporters set out to find conflicts of interest, mischaracterized evidence, and ignored that his remaining holdings fit within his waivers and federal ethics law.
The All-In podcast, which Sacks co-hosts, forms another point of dispute. The NYT says the show sought to host a White House AI summit in July and offered seven-figure sponsorships that included private events. The Clare Locke letter replies that the summit ran as a nonprofit event, that the podcast incurred a loss, and that sponsors received only logo placement, not special access to President Trump.
Congressional scrutiny continues alongside the media claims. Warren and several colleagues have asked ethics officials whether Sacks has stayed within the 130-day annual limit and requested more details on his remaining AI and crypto stakes.
