Newly appointed ‘crypto czar’ David Sacks took to X Thursday to air his grievances over the U.S. government’s alleged handling of its previous Bitcoin holdings just one day before the White House Crypto Summit.
Key Takeaways:
Newly appointed crypto czar David Sacks criticized the U.S. government’s past decision to sell 195,000 Bitcoin for $366 million, arguing that holding onto it could have yielded over $17 billion. The U.S. government appears to be adjusting its stance on digital asset regulation, with the SEC rolling back lawsuits against major crypto firms. Industry leaders, including executives from Coinbase, Paradigm, and Exodus, are set to meet at the White House Crypto Summit this Friday to discuss the future of crypto regulation .Crypto Czar David Sacks Airs His Grievances
“Over the past decade, the federal government sold approximately 195,000 bitcoin for proceeds of $366 million,” Sacks said in a March 7 X post.
“If the government had held the bitcoin, it would be worth over $17 billion today,” he added.
“That’s how much it has cost American taxpayers not to have a long-term strategy.”
Sacks’ claims come just one day before blockchain industry leaders are set to meet in Washington, D.C., for the White House Crypto Summit to discuss issues affecting the sector.
According to reports, Coinbase CEO Brian Armstrong, Strategy Executive Chairman Michael Saylor, Exodus CEO JP Richardson, and Paradigm co-founder Matt Huang are among the event’s invited attendees.
“I look forward to discussing how America can take a leadership role in promoting the principles of open crypto and enabling builders in ecosystems such as Bitcoin, Ethereum and Solana,” Huang said in a statement this week.
White House Crypto Summit Set For Friday
Sacks was tapped by U.S. President Donald Trump for the role back in December, with the U.S. seemingly beginning to shift its stance toward its approach to digital asset regulation.
In recent weeks, the United States Securities and Exchange Commission (SEC) rolled back several lawsuits against key players in the crypto sector, including Kraken, OpenSea, Coinbase, and more.
The recission of such litigation suggests that the federal agency may be pulling away from its highly publicized regulation-by-enforcement strategy when it comes to overseeing digital asset regulation in the United States.
Earlier this year, Trump signed an executive order mandating the creation of a crypto task force aimed at exploring the concept of a federal strategic crypto reserve featuring several notable cryptocurrencies, including Bitcoin.
As of Thursday afternoon, Bitcoin was hovering around $90,000. It remains to be seen what, if any, effect the White House Crypto Summit will have on its value.
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