Key Takeaways
- Several top officials in Trump’s crypto-friendly administration must forfeit significant wealth to avoid conflicts of interest.
- Wall Street executives with millions in direct and indirect crypto holdings are among those affected.
- Trump and Elon Musk face scrutiny over their ties.
Several key figures in Donald Trump’s administration, many with deep ties to cryptocurrency and Wall Street, have been forced to divest billions in holdings to comply with federal ethics rules.
The officials appointed to oversee financial and economic policy include major investors in digital assets.
While they have taken steps to eliminate potential conflicts of interest, their departures from lucrative private-sector roles have sparked debate over how much influence they still wield.
Top Crypto Officials Forced To Give Up Holdings
David Sacks, White House AI and Crypto Czar
David Sacks, Trump’s pick to lead AI and crypto policy, liquidated over $200 million in digital asset-related holdings before assuming his new role.
His venture firm, Craft Ventures, sold off all its liquid cryptocurrency assets, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Sacks also divested his shares in Coinbase and Robinhood and exited his position in the Bitwise 10 Crypto Index Fund.
According to an official memo, he stepped down from Craft Ventures and sold $85 million in direct digital asset investments.
However, Craft remains an investor in certain funds with digital assets in their portfolios—raising concerns about lingering financial ties to the crypto industry.
Howard Lutnick, Commerce Secretary
Howard Lutnick, Trump’s pick for commerce secretary, is a Wall Street heavyweight who previously ran the multi-billion-dollar hedge fund Cantor Fitzgerald.
To comply with ethics requirements, Lutnick relinquished his role at the firm, though leadership was transferred to his two sons and younger brother.
He also agreed to leave his chairmanship at Newmark Group, a commercial real estate company, and step down from his role at BGC Group, a multinational brokerage and financial technology firm that holds significant government contracts.
Scott Bessent, Treasury Secretary
Scott Bessent, Trump’s nominee for Treasury secretary, disclosed more than $500 million in investments, including foreign exchange positions, U.S. Treasury notes, and funds tied to his hedge fund, Key Square Group.
According to ethics filings, he must fully divest from the fund upon Senate confirmation. He has also pledged to sell a $500,000 personal stake in an iShares Bitcoin ETF.
Beyond financial holdings, Bessent is parting with a $25 million farm in North Dakota, a $25 million property in the Bahamas, and at least $1 million in antiques and artwork.
Paul Atkins, SEC Chief
Trump’s choice to lead the Securities and Exchange Commission (SEC), Paul Atkins, reported a family fortune of $327 million, including $6 million in crypto-related assets.
Filings show he held between $250,000 and $500,000 in call options on Securitize, a tokenization company backed by BlackRock, and served on its board until February. He also had a similar stake in Anchorage Digital, a crypto custodian valued at over $3 billion.
Atkins’ crypto investments extend further, with a $1 million to $5 million position in Off the Chain Capital, a digital asset investment firm where he is a limited partner. Like his colleagues, he must divest to meet conflict-of-interest standards.
Trump’s Own Crypto Ties Raise Eyebrows
While top administration officials are shedding assets to comply with ethics rules, Trump himself remains deeply connected to crypto, drawing scrutiny over potential conflicts of interest.
His ties include his son’s DeFi platform, World Liberty Financial, as well as a new venture by Trump Media & Technology Group into the crypto sector through a partnership with Crypto.com.
Adding to the controversy, Trump launched an official memecoin just days before taking office, briefly adding $50 billion to his net worth before the token’s value plunged below $10 billion.
Meanwhile, Elon Musk, the newly appointed head of the Department of Government Efficiency (DOGE), also holds significant crypto assets.
His financial interests and influence over policy decisions have fueled accusations of conflicts of interest within Trump’s administration.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
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