David Sacks Slams NYT ‘Nothing Burger’ Report – Is It Just Crypto Drama?

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Oh dear, David Sacks, America’s very own crypto and AI czar, has come out swinging against a New York Times (NYT) article that suggested he might have been playing fast and loose with his influential White House role. Apparently, according to the NYT, Sacks pushed policies that served his own tech and crypto buddies. Shocking, right? 🙄

But, wait for it, Sacks isn’t having any of it! He’s called the report a “bungled mess” and even a “nothing burger.” Yes, you heard that right-he’s suing the NYT for defamation. Because nothing says “I’m innocent” like a lawsuit, right? 😏

Sacks’ Crypto Portfolio Under Scrutiny

The NYT made the bold claim that Sacks is holding onto 20 crypto investments. Uhm, didn’t the White House say he had sold over $200 million worth of crypto to avoid conflicts of interest? Oops. 👀

“What is clear is that Mr. Sacks, directly or through Craft, has retained 20 crypto and 449 A.I.-related investments, according to The Times analysis.”

In an absolutely shocking twist (no, not really), the NYT alleges Sacks was pushing for the GENIUS Act, a stablecoin bill, to help his investments in BitGo. And get this-BitGo is about to IPO! But don’t worry, BitGo denies any benefit from the bill. How convenient. 😜

“In September, BitGo filed for an initial public offering. Craft owns 7.8 percent of the company, according to financial filings, which would be worth more than $130 million at BitGo’s 2023 valuation.”

For those who haven’t heard of BitGo, it’s the service behind USD1, a stablecoin backed by Trump’s World Liberty Financial. Yikes.

Sacks’ Crypto Policy Push

So, Sacks started Craft Ventures in 2017 to dive headfirst into tech start-ups. But, don’t worry, he “divested” from Bitcoin and Solana to avoid any nasty conflict of interest issues. White House confirmed it earlier this year, but, you know, who’s counting? 🤔

As one of the top policy influencers at the White House, Sacks has managed to win some major crypto victories, including the stablecoin law. Still, the BTC reserve bill hasn’t quite made it to the finish line. Could be a plot twist, huh? 😏

Of course, the crypto world, led by Tether CEO Paolo Ardoino, has jumped to his defense. Ardoino called the attack on Sacks “meritless” and pointed out that the same people going after him are also gunning for Elon Musk. Coincidence? I think not. 👀

“The current attack against him is truly meritless. As always, ask yourself who benefits from this. Btw the group attacking him is the same attacking Elon (and Tether).”

And Perianne Boring (seriously, that’s her name) from Off the Chain Capital is all about defending Sacks too, calling the whole thing a “coordinated attack” on crypto. Makes you wonder if they’re all secretly on a group text. 📱

Final Thoughts

  • Sacks is sticking to his guns, denying any conflict of interest, while the NYT claims he’s been pushing crypto policies for personal gain. Drama, anyone?
  • The crypto world is rallying behind him, with figures like Tether CEO calling the report a total hit job. Plot thickens…

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2025-12-01 14:27