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David Sacks, serving as Donald Trump's adviser for AI and cryptocurrencies, has divested over $200 million in digital assets. This includes liquid holdings in major cryptocurrencies like Bitcoin, Ethereum, and Solana, as well as stakes in companies such as Coinbase and Robinhood. The divestment was made prior to Trump's inauguration and was disclosed in a memo from the White House.
The memo highlights that Sacks' divestments came at a significant tax cost due to his status as a special government employee. Additionally, Sacks has been appointed to lead the President's Working Group on Digital Asset Markets, indicating a strong push towards shaping digital asset policies under Trump's administration. This move aligns with Trump's recent support for the crypto industry, including the establishment of a Strategic Bitcoin Reserve.
• Sacks divested over $200 million in digital assets before Trump's inauguration.
• Trump's administration shows strong support for the cryptocurrency industry.
Digital assets refer to cryptocurrencies and other digital financial instruments discussed in the context of Sacks' divestments.
Cryptocurrency is a form of digital currency that was a major focus of Sacks' investments and divestments.
A Strategic Bitcoin Reserve is a proposed government initiative to hold Bitcoin as a financial asset, reflecting Trump's support for crypto.
Coinbase Global is a leading cryptocurrency exchange where Sacks held investments before divesting.
Robinhood Markets is a financial services company that offers cryptocurrency trading, in which Sacks also had stakes.
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