Trump’s crypto Czar slams media for misrepresenting divestment as dump

White House AI and crypto advisor David Sacks criticized claims that helium “dumped” his crypto holdings and clarified that, aft being appointed by President Donald Trump, helium was required to divest owed to authorities morals rules.

In a March 19 societal media post, Sacks addressed caller reports suggesting helium had sold disconnected his Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) investments, stating that the characterization was misleading.

“I did not ‘dump’ my cryptocurrency; I divested it. Obviously, I would person preferred not to, but authorities morals rules required it. It’s an grant to service President Trump and the American people.”

According to a White House memo, Sacks liquidated much than $200 cardinal successful integer assets earlier Trump took office. His firm, Craft Ventures, besides exited positions successful crypto-related stocks, including Coinbase (COIN), Robinhood (HOOD), and the Bitwise 10 Crypto Index Fund.

The determination came amid scrutiny implicit Sacks’ relation successful the administration, with immoderate speculating that his power played a portion successful discussions astir incorporating definite cryptocurrencies into a imaginable US integer plus reserve.

Media sum sparks debate

Sacks’ clarification reignited discussions astir however crypto is portrayed successful the media. Some manufacture figures reason that skepticism astir integer assets influences however quality outlets framework stories.

Bankless HQ co-founder David Hoffman suggested that antagonistic headlines bespeak broader nationalist sentiment alternatively than deliberate bias.

Hoffman wrote successful effect to Sacks’ post:

“Most radical are crypto-less and don’t privation crypto to bash good due to the fact that they don’t privation to clasp cognitive dissonance astir making immoderate wealthiness successful crypto. Media is titling headlines to cater to this need.”

Binance laminitis Changpeng ‘CZ’ Zhao echoed the sentiment and said media outlets prioritize engagement implicit accuracy.

CZ wrote:

“The media lone sells clicks, not ethics.”

He besides criticized a caller Wall Street Journal study alleging that the Trump household considered acquiring a involvement successful Binance US successful speech for a pardon, calling the communicative baseless.

The station Trump’s crypto Czar slams media for misrepresenting divestment arsenic dump appeared archetypal connected CryptoSlate.