Of the the assets sold, the documents said that at least $85 million “is directly attributable to Sacks.” The memo, from White House counsel David Warrington, added that Craft remains an investor in some other funds that have digital assets in their portfolios.

A White House memorandum revealed that David Sacks and his venture capital firm sold more than $200 million in cryptocurrency and crypto-related stocks before he assumed his role as the White House AI and crypto czar.

President Trump is slated to give remarks Friday afternoon at the first White House crypto summit, announced by the White House earlier this week. The event comes a day after Trump signed an

President Donald Trump said Friday that he’s committed to making the U.S. a world leader in cryptocurrencies as industry leaders heaped praise on him for reversing what they said had been unfair attacks on digital assets by the previous administration.

Attendees expect the event to focus on Trump's plans to build a strategic reserve containing bitcoin and four other coins.

Trump’s Strategic Bitcoin Reserve order has reshaped the agenda for the White House Crypto Summit, shifting the conversation to topics like regulation.

David Sacks, the venture capitalist advising President Trump on crypto and AI policy, sold $85 million of crypto-related assets in order to satisfy government ethics rules, according to a White House memo.