Crypto Czar David Sacks slams anti-crypto Senator Elizabeth Warren, saying she, for some reason, has a hatred for the crypto community. He noted that Warren wants to drive the crypto community offshore, and she doesn’t prefer it happening in the U.S.
Sacks argued that it was the wrong policy for the U.S. and wanted all the innovation happening in the country. He also acknowledged that crypto is the financial system of the future, and the U.S. has to encourage it.
Warren questions Sack’s role in Trump’s administration
Senator Warren has previously called for greater transparency in David Sack’s role as Donald Trump administration’s crypto and artificial intelligence advisor. In a March 6 letter , she urged Sacks to prove that he was not personally profiting from policies that favor select digital currencies, weaken regulatory oversight, and ease enforcement actions against the crypto industry.
Warren argued that Americans deserve strong leaders who prioritize the public interest ahead of their bottom lines. She noted in the letter that Sacks had previously stated he offloaded his holdings in Bitcoin, Ethereum, and Solana before taking up his government role.
Warren also demanded specific details on the sales and confirmation of when Sack’s investment firm, Craft Ventures, exited its position in Bitwise Investment. Sacks refuted the claims and said he had a $74K position in Bitwise, which he offloaded on January 22. He also confirmed he sold his stake in crypto investment firm Multicoin Capital.
The Senator of Massachusetts also requested information on how the Sacks had addressed potential conflicts of interest and how he would prevent the President and other private individuals from directly profiting off the Trump administration’s efforts to pump the value of certain virtual currencies.
Warren asked for details on whether Sacks had filed financial disclosures with the Office of Government Ethics. She also requested the specific plans in place at the White House to ensure that individuals developing crypto policy comply with all federal conflict of interest rules.
The Senator of Massachusetts has criticized the Securities and Exchange Commission for dropping its legal cases against major crypto companies, including Coinbase, Robinhood, and Kraken. She has also raised concerns over the agency declaring that most memecoins are not securities, which she believes could benefit speculative assets, including Trump’s official token. Warren argued that those actions could benefit billionaire investors, Trump administration insiders, and speculators at the expense of middle-class families.
Senator Warren also scrutinized Paul Atkins’ connections to the digital asset industry in late March, accusing Trump’s pick of having financial conflicts. She noted during Atkins’ confirmation hearing before the U.S. Senate Banking Committee, arguing there were steps he could take to commit to a higher standard of government ethics.
The Massachusetts senator also criticized the stablecoin bill, accusing Trump of using legislation to further his financial interests. She shared the critique while linking a post about President Trump’s decentralized finance project, World Liberty Financial, launching its stablecoin USD1 on Ethereum and Binance’s BNB Chain.
Warren wants strong anti-money laundering protections on crypto
Senator Warren noted at a U.S. Senate Armed Services Committee hearing on May 2 that the national security threat posed by not properly regulating crypto, including the inadvertent funding of rogue nations. She believes that bad players are using digital assets to evade U.S. sanctions without proper anti-money laundering regulations, generating millions of dollars annually by acting as middlemen in the crypto industry.
“Anything Congress does to legitimize and grow the crypto market must have strong protections so we do not increase money-making opportunities for Iran and other adversaries.”
– Elizabeth Warren , Senator of Massachusetts.
The American politician questioned Avril Haines, Director of National Intelligence, about Iran’s ability to avoid sanctions using crypto and how digital assets strengthen American adversaries. Haines argued that Iran is using crypto to move millions of dollars around and also explained that over 50% of North Korean foreign currency revenues now come from crypto.
Warren also questioned Lieutenant General Jeffrey Kruse of the U.S. Air Force about the importance of cutting off crypto as a revenue source for foreign adversaries. Kruse argued that Iran having crypto as an additional revenue gives them more discretionary spending power.
Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
