David Sacks and his VC firm sold $200 million in crypto assets

Why it matters: Sacks has been criticized on social media and by the ranking member of the Senate Banking Committee for his financial ties to the crypto industry, particularly given his advocacy for a bitcoin strategic reserve.

Zoom in: Sacks sold both digital assets and investments in related companies, plus in around 90 venture capital funds that either hold such investments or could reasonably do so in the future.

• He maintains his stakes in Craft Ventures funds, which do have small minority stakes in 19 crypto startups.
• Sacks, as a special government employee, was not eligible for tax breaks on his divestitures.