U.S. Senator Elizabeth Warren has raised concerns regarding a White House ethics waiver that permits David Sacks, known as President Trump’s “Crypto Czar,” to influence federal cryptocurrency policy while holding personal financial interests in the industry. In a letter to the United States Office of Government Ethics (OGE), Warren questioned the decision to allow Sacks to participate in crypto policymaking, despite potential conflicts of interest.
Warren highlighted that Sacks is co-hosting a $1.5 million-a-head fundraiser for crypto industry figures aimed at supporting a Trump-aligned super PAC. She stated, "Mr. Sacks is financially invested in the crypto industry, positioning him to potentially profit from the crypto policy changes he makes at the White House."
Sacks divides his time between advising President Trump on cryptocurrency matters and managing his venture capital firm, which holds investments in digital assets. Federal ethics laws typically prevent individuals with such conflicts from participating in related policymaking activities. However, the Trump administration issued an ethics waiver allowing Sacks to continue shaping policies that might benefit his financial portfolio.
Warren emphasized, "Mr. Sacks simultaneously leads a firm invested in crypto while guiding the nation’s crypto policy." Normally, federal law would prohibit such conflicts of interest.
The White House argues that Sacks's financial interests are not substantial enough to affect his integrity, though this claim cannot be independently verified as his financial disclosure form remains undisclosed. Warren has urged OGE to confirm whether it reviewed or approved the waiver and if Sacks still holds any conflicting financial interests. She also requested that his financial disclosures be made public due to increased public interest.
"The public should know that every policymaker shaping digital asset legislation is acting solely in the national interest, free from personal financial motivations," Warren asserted.
This scrutiny comes ahead of an impending Senate vote on the GENIUS Act, legislation designed to establish regulations for stablecoins—cryptocurrencies pegged to other assets like the U.S. dollar. According to Warren, President Trump's apparent efforts to profit from stablecoins have raised concerns about potential bribery and influence peddling associated with this bill.