On the morning of the White House’s first Digital Assets Summit, Senator Elizabeth Warren sent a letter to President Donald Trump’s crypto and artificial intelligence chief, David Sacks, expressing concerns about potential conflicts of interest in the administration’s handling of digital asset policies.
Elizabeth Warren Questions Trump's Crypto Chairman Over Potential Conflicts of Interest
Warren argues that as the federal government becomes more involved in supporting the blockchain industry, it could inflate the value of existing holdings and create potential conflicts of interest for policymakers.
In his letter, he questions whether Sacks and his team have financial incentives tied to their decisions and highlights ethical concerns about the administration's approach to cryptocurrency regulation.
Questions from Warren to Sacks
The senator is calling for transparency on:
- Who advised Trump on selecting designated assets for the crypto reserve?
- Whether any relevant officials had traded crypto prior to the announcement.
- Whether Sacks has completely exited his personal investments in said cryptocurrencies.
- Any ethics waiver or denial petition Sacks filed with the Office of Government Ethics.
Trump's Strategic Bitcoin Reserve announcement on Sunday initially triggered a $300 billion global crypto rally, but prices fell on Thursday night when the White House clarified that the reserve would only include seized assets and would not be backed by government purchases.
Warren argues that Americans deserve strong leaders who prioritize the public interest over personal gain. Warren now wants Sacks to make his ethics files public and provide assurances that his policy decisions are not tainted by financial interests.
*This is not investment advice.
