Elizabeth Warren Seeks Public Disclosure About David Sacks’ Investment in XRP, Bitcoin, and Cardano

Senator Elizabeth Warren (D-Mass) raises concerns about David Sacks’ potential conflicts of interest in Trump’s digital asset policies, particularly those involving the creation of the U.S. Crypto Reserve. 

She expressed these concerns in a letter sent to Sacks after Trump announced the creation of the Strategic Bitcoin Reserve. 

Per the letter, Warren questions Sacks, the White House Crypto Czar, on how he intends to prevent Donald Trump and other wealthy insiders from benefiting from the administration’s crypto policies. 

Concerns About Sacks’ Investment in Crypto Reserve Assets 

The anti-crypto Senator referenced Trump’s recent decision to move forward with the digital asset reserve initiative over the weekend. She also highlighted how the prices of cryptos such as Bitcoin, Ethereum, XRP, Cardano, and Solana soared immediately after Trump announced they would be featured in the reserve. 

Yesterday, Sacks announced that Trump mandated the creation of a Bitcoin-only reserve and a digital asset stockpile for altcoins. However, he did not name the assets that will be featured in the stockpile. 

As a result, Warren emphasized that it is unclear whether this stockpile will feature only XRP, Cardano, Solana, and Ethereum or a broader set of tokens. 

Furthermore, she noted that Trump’s March 2 crypto reserve announcement and Sacks’ disclosure yesterday created market confusion. This raised questions about his investment in the five cryptos initially proposed for the reserve–XRP, Bitcoin, Cardano, Solana, and Ethereum. 

According to Warren, Sacks and Craft Ventures, an investment company he co-founded, invested in these assets through the Bitwise 10 Crypto Index Fund (BITW). 

“According to your Craft Ventures’ website, it initially invested in BITW. As of January 31, BITW’s top five holdings were BTC, ETH, XRP, SOL, and ADA–the same five tokens in President Trump’s announcements,” the anti-crypto Senator noted. 

Earlier this week, Sacks confirmed he sold his direct crypto holdings, including BTC, ETH, and SOL, before Trump’s inauguration. The Crypto Czar also disclosed that he sold his entire shares of the BITW fund, worth around $74,000, on January 22. 

Despite this claim, Warren questioned the timing of his divestment in Bitwise and asked whether his close associates benefited from the price swings caused by U.S. crypto reserve announcements. 

Warren Demands Answers to Key Questions 

Meanwhile, she asked Sacks to provide answers to a series of questions by March 14, 2025. Some include whether Sacks filed his financial disclosure with the Office of Government Ethics. 

The Senator asked him to disclose the timing of his divestment in SOL, BTC, ETH, and BITW and the identities of anyone with advanced knowledge of Trump’s Truth Social crypto reserve announcement on March 2. 

She also requests the identities of the people who helped Trump select the five crypto reserve assets, among other things. 

Warren Criticizes SEC’s Recent Crypto-Related Actions 

Besides the crypto reserve initiative, Warren highlighted the SEC’s recent decision to pause and dismiss crypto-related litigations as another action that may benefit wealthy insiders over regular taxpayers. 

She highlighted the SEC’s decision to pause its lawsuit against Tron Foundation, referencing the project’s founder Justin Sun’s investment in Trump’s family crypto project, World Liberty Financial.    

Notably, she mentioned that meme coins like TRUMP and MELANIA are major beneficiaries of the SEC’s recent statement indicating that most meme coins are not securities.