On the morning of the White House’s first Digital Assets Summit, Senator Elizabeth Warren sent a critical letter to David Sacks, the administration’s crypto and AI czar.
Warren has shared details of her letter with news outlet, Axios. She is seeking clarification regarding potential conflicts of interest due to Sacks’ history of investing in crypto companies.
BREAKING:
SENATOR ELIZABETH WARREN ACCUSED CRYPTOCURRENCY CZAR DAVID SACKS OF INVESTING IN BITWISE’S INDEX FUND.
THIS FUND INCLUDES STRATEGIC RESERVE ASSETS.
SHE KEEPS ATTACKING CRYPTO! pic.twitter.com/kVrN2YtfMy
— Hannah (@cressida_fx) March 7, 2025
Warren Demands Clarity On Government’s Support Of Blockchain Industry
In Warren’s letter to Sacks, the senator asks multiple questions about potential conflicts of interest for himself and those working alongside him.
She claims that Sacks is a special government employee within the administration, and he receives a status which provides him with certain exemptions under ethics rules. Warren gives an example in that the financial disclosure reports they file can be kept confidential.
Furthermore, Warren points out that Sacks was a partner at Craft Ventures. The US-based VC firm is known for having backed a handful of crypto companies such as Fold, Lightning Labs and Bitwise.
Bitwise in particular creates investment indices from digital assets. Interestingly, the five largest holdings of the Bitwise 10 index are the same five cryptocurrencies that Trump identified for an upcoming crypto strategic reserve.
Those five assets are Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP) and Cardano (ADA). If you exclude stablecoins and Binance’s BNB token, those five tokens are the largest cryptocurrencies by market cap.
Even though Sacks previously stated he sold off all of his crypto holdings prior to taking position within the Trump administration, Warren says there are “ways to remain exposed, if somewhat more indirectly”.
In her letter, Warren stresses that “Americans deserve strong leaders who will prioritize the public interest ahead of their own bottom lines. I hope you address these obvious concerns.”
Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration. https://t.co/dN6nuGQUtu
— David Sacks (@DavidSacks) March 3, 2025
DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now
Senator Warren Wants Answers On Who Helped Trump Decide On Five Cryptocurrencies Named For US Digital Asset Stockpile
Warren also details a variety of moves by Trump’s administration that she says raise concerns about how ethically it is making decisions around this industry.
On 6 March 2025, the White House announced the signing of an executive order to establish both a “Strategic Bitcoin Reserve” and a separate US “Digital Asset Stockpile.”
While the announcement did not name specific assets for the stockpile, Trump had previously earmarked BTC, ETH, XRP, SOL and ADA as five assets he would potentially add to a crypto reserve.
Yesterday’s official announcement said any crypto stockpile would be created only with assets seized from criminal operations. It went on to say that the government will not seek to add to it via purchases. As a result of Thursday’s announcement, prices of all five assets plummeted, dragging the rest of the market with it.
Warren’s letter asks for the identities of anyone who helped Trump determine the assets. She seeks clarification on how many were subject to conflict of interest laws.
Furthermore, she goes on to ask Sacks whether anyone who had worked on the reserve policy had made relevant trades prior to the announcement.
As of right now, there has been no public response from Sacks nor anyone else within the Trump administration to Warren’s letter.
DISCOVER: Best Meme Coin ICOs to Invest in March 2025
BONUS: Best Wallet (BEST) Hits $10.8m In Presale Funding Leaving Its Competitors In The Dust
Move over Trust Wallet and Metamask, there is a new revolutionary crypto wallet on the market. Best Wallet ($BEST) recently hit 250,000 monthly active users and 500,000 total users as it aims to become the number on Web3 wallet for crypto users around the world.
Best Wallet has a native token attached to it, BEST, and it is still available in presale stage. Over $10.8 million has been raised thus far, with $11m the obvious next landmark.
Its most recent wave of hype and presale investment comes from its recent upgrade to include multi-chain wallets. Most notably, native Bitcoin support is now included within the Best Wallet app.
Within this recent upgrade was also a huge security update, giving users even more reason to switch full-time to Best Wallet and everything it has to offer.
Best Wallet: Revolutionary Features
Best Wallet has revolutionary features that cannot be found in other wallets such as MetaMask. All from within the app, users can trade, stake, game, bet, and use a suite of DeFi protocols.
Another notch on the belt of Best Wallet is on the way soon, with the launch of an upcoming crypto debit card right around the corner. With it, users can spend their crypto anywhere in the world that accepts Apple or Google Pay.
Currently, the most popular feature of the Best Wallet app is its ‘Upcoming Tokens’ feature. Users can participate in carefully curated presales at phase 0, all within the Best Wallet app.
Check Out The Best Wallet Presale Here
Join The 99Bitcoins News Discord Here For The Latest Market Updates
Elizabeth Warren Goes On The Offensive Against Trump Administration
- Warren demands Trump’s crypto czar, David Sacks, explain any conflicts of interest with its crypto dialogue
- Sacks previously said he sold all of his crypto holdings prior to starting position within Trump administration
- Senator Warren claims there are ways for individuals to remain exposed to the market, indirectly
- Best Wallet (BEST) is quickly becoming to go-to crypto wallet with its feature packed app – the presale is rumored to be ending soon and just hit $10.8m in funding
The post Elizabeth Warren Writes Letter To Trump’s Crypto Guru Asking For Public Disclosures. Best Crypto Presale To Buy Right Now? appeared first on 99Bitcoins.
