Sacks – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Fri, 20 Jun 2025 07:10:42 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 Sacks – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 White House Crypto Czar David Sacks Says One Catalyst Could Create Trillions of Dollars of New Demand for US Treasuries https://earlybirdsinvest.com/white-house-crypto-czar-david-sacks-says-one-catalyst-could-create-trillions-of-dollars-of-new-demand-for-us-treasuries/ https://earlybirdsinvest.com/white-house-crypto-czar-david-sacks-says-one-catalyst-could-create-trillions-of-dollars-of-new-demand-for-us-treasuries/#respond Fri, 20 Jun 2025 07:10:42 +0000 https://earlybirdsinvest.com/white-house-crypto-czar-david-sacks-says-one-catalyst-could-create-trillions-of-dollars-of-new-demand-for-us-treasuries/

President Donald Trump’s advisor on crypto and artificial intelligence (AI), David Sacks, is highlighting a catalyst that could dramatically increase demand for US treasuries.

In a new Bloomberg interview, Sacks says the passing of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) in the U.S. Senate and the potential signing of the piece of legislation into law offers “regulatory clarity and stability” for the stablecoin crypto sector.

According to Sacks, the GENIUS Act could trigger massive demand for US government debt from various parts of the world.

“… the [stablecoin] float is expected to grow from, call it, roughly $250 billion to trillions of dollars. And that would create more demand for the US dollar internationally. I think you could see other economies start to dollarize from the bottom up as their citizens would prefer to use US digital dollars as opposed to whatever fiat currency they’re using. And that would create potentially trillions of dollars of new demand for US treasuries.”

The GENIUS Act will also spur innovation in the payments industry, according to the White House advisor.

“And I think that the bill will provide the framework that will give confidence to a lot of traditional financial players to enter the space. And so I think you’re going to see new stablecoin products. And I think you will also see stablecoins being used as payments. I think this is one of the really exciting things about the bill, is that blockchain infrastructure will be used as a new kind of dollar-based payment system, that’s faster, more efficient, smoother. It’s a payment system of the future.”

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Elizabeth Warren targets Elon Musk and White House crypto czar David Sacks with new ethics reform bill https://earlybirdsinvest.com/elizabeth-warren-targets-elon-musk-and-white-house-crypto-czar-david-sacks-with-new-ethics-reform-bill/ https://earlybirdsinvest.com/elizabeth-warren-targets-elon-musk-and-white-house-crypto-czar-david-sacks-with-new-ethics-reform-bill/#respond Tue, 15 Apr 2025 14:46:10 +0000 https://earlybirdsinvest.com/elizabeth-warren-targets-elon-musk-and-white-house-crypto-czar-david-sacks-with-new-ethics-reform-bill/

A coalition of US lawmakers led by Senator Elizabeth Warren has introduced a new ethics reform bill targeting Special Government Employees (SGEs) like Elon Musk and White House crypto advisor David Sacks.

The proposal, titled the Special Government Employee Ethics Enforcement and Reform (SEER) Act, seeks to apply stricter transparency and accountability standards to individuals serving in advisory roles while maintaining private sector ties.

SGEs are part-time federal workers allowed to serve up to 130 days a year. Unlike full-time officials, they are not always required to disclose their financial interests unless they surpass a specific pay grade.

This structure has raised concerns about conflicts of interest, especially in cases involving high-profile figures like Elon Musk, who serves in advisory capacities while holding leadership roles in private companies with federal contracts.

Senator Warren argued that individuals like Musk, who benefit from major government deals, should not be allowed to operate in such ethical gray zones. According to her, Musk earns millions from government contracts yet avoids the disclosure requirements expected of senior officials.

The SEER Act has received support from a broad coalition of advocacy and watchdog groups. These include Public Citizen, Citizens for Responsibility and Ethics in Washington (CREW), the Project On Government Oversight (POGO), State Democracy Defenders, Campaign Legal Center, the American Federation of Government Employees (AFGE), and the National Treasury Employees Union (NTEU).

SEER’s key provisions

The SEER Act would expand existing ethics rules to cover SGEs starting from their 61st day in office. After 130 days, SGEs would be prohibited from receiving outside compensation related to their non-government roles.

The bill also introduces stricter conflict-of-interest rules. SGEs who lead companies with federal contracts or monopolistic power would be barred from engaging with agencies that regulate or contract with those companies.

Meanwhile, the legislation requires the Office of Government Ethics to approve all conflict-of-interest waivers for SGEs to increase public oversight. It also mandates public access to these waivers and financial disclosures.

Additionally, the Office of Personnel Management would create a public database listing all SGEs, including the number of days served and the reason for their classification.

If passed, the SEER Act would raise the ethical bar for part-time government advisors and limit the influence of corporate leaders in shaping federal policy behind closed doors.

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David Sacks says Meta’s open-source Llama 4 puts U.S. in the lead in AI race https://earlybirdsinvest.com/david-sacks-says-metas-open-source-llama-4-puts-u-s-in-the-lead-in-ai-race/ https://earlybirdsinvest.com/david-sacks-says-metas-open-source-llama-4-puts-u-s-in-the-lead-in-ai-race/#respond Sun, 06 Apr 2025 19:43:54 +0000 https://earlybirdsinvest.com/david-sacks-says-metas-open-source-llama-4-puts-u-s-in-the-lead-in-ai-race/

Meta’s launch of two artificial intelligence (AI) Llama 4 models has positioned the U.S. as a leader in the AI race, David Sacks, the U.S. AI and crypto czar, said in an X post on Saturday. He wrote:

“For the U.S. to win the AI race, we have to win in open source too, and Llama 4 puts us back in the lead.”

On April 6, Meta announced the launch of its fourth-generation open-source Llama 4 models — Llama 4 Scout and Llama 4 Maverick.

The AI race intensified with the launch of Deepseek

DeepSeek, a Chinese AI startup founded in 2023, launched its first model in December 2024. In January 2025, it launched a chatbot that claimed to rival the capabilities of OpenAI’s ChatGPT.

Downloads of DeepSeek’s generative AI, DeepSeek R1, topped the charts of app stores. It shook the world’s primary assumption: Hefty investments and expensive chips are the only way to get ahead in the AI game.

As a result, the stock prices of U.S. tech companies like Nvidia suffered losses following DeepSeek R1’s launch.

This is because Deepseek claimed to have spent approximately $6 million to train its AI model. On the other hand, OpenAI reportedly spent around $100 million to train ChatGPT-4.

While venture capitalist Marc Andreessen called DeepSeek’s R1 launch “AI’s Sputnik moment,” U.S. President Donald J Trump called it a “wake-up call” for American firms.

Since then, U.S. firms have been trying to leapfrog in the AI race, and according to Sacks, who has been a vocal proponent of AI, Llama 4 has been the key.

Meta claims Llama 4 models are “best in their class”

Meta claims that the Llama 4 models are their “most advanced models yet” and also “best in their class for multimodality.” Both models are currently available for download and use on Meta applications like WhatsApp and Instagram.

Multimodal AI systems are capable of processing various types of data — text, image, audio, and video — simultaneously. This enables the AI to comprehend complex scenarios and generate comprehensive responses.

Llama 4 Scout and Llama 4 Maverick are the first open-source Meta AI models built using a mixture of experts (MoE) architecture. In an MoE, multiple smaller models or specialized experts collaborate to make the larger AI model work. This means that experts focus on solving the parts of the problem they are designed to handle.

Llama 4 Scout has 17 billion active parameters and 16 experts. Llama 4 Maverick has the same number of parameters but is designed with 128 experts. While the former can fit in a single NVIDIA H100 GPU, the latter requires an H100 host.

Meta claims that Llama 4 Scout outperforms Gemma 3, Gemini 2.0 Flash-Lite, and Mistral 3.1 across a broad range of widely reported benchmarks.

Llama 4 Maverick, on the other hand, provides results comparable to DeepSeek v3 on reasoning and coding despite having less than half the active parameters. Meta also asserts that Llama 4 Maverick beats GPT-4o and Gemini 2.0 Flash across a number of benchmarks.

Furthermore, according to Meta’s testing, Llama 4 “responds with strong political lean at a rate comparable to Grok.”

Meta also unveiled Llama 4 Behemoth, which is still in training, as one of the “world’s smartest” large language models (LLMs).

Meta launched its first Llama model in February 2023.

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XRP Turbo
Posted In: US, AI, Featured
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David Sacks and Craft Ventures Sell $200,000,000 Worth of Crypto-Related Investments: White House https://earlybirdsinvest.com/david-sacks-and-craft-ventures-sell-200000000-worth-of-crypto-related-investments-white-house/ https://earlybirdsinvest.com/david-sacks-and-craft-ventures-sell-200000000-worth-of-crypto-related-investments-white-house/#respond Sun, 16 Mar 2025 13:02:27 +0000 https://earlybirdsinvest.com/david-sacks-and-craft-ventures-sell-200000000-worth-of-crypto-related-investments-white-house/

David Sacks unloaded hundreds of millions of dollars worth of digital asset-related investments prior to starting his job as the Trump administration’s artificial intelligence (AI) and crypto czar.

According to a White House memo issued by Presidential Counsel David A. Warrington, Sacks and his investment firm Craft Ventures liquidated their crypto holdings, including Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), before Trump started his second term on January 20th.

Sacks also sold his position in the Bitwise 10 Crypto Index Fund (BITW) and unloaded his shares in Coinbase (COIN), Robinhood (HOOD) and private digital asset companies as well as limited partner interests in crypto-focused investment funds, including Multicoin Capital and Blockchain Capital.

The White House adds that Sacks started to sell his limited partner interests in roughly 90 venture capital funds “out of an abundance of caution” as the firms may choose to invest in the digital asset industry.

Warrington says Sacks and Craft Ventures disposed of over $200 million worth of investments in the digital asset industry, including at least $85 million personally held by Sacks, in a bid to protect the integrity of his position as special advisor for crypto.

“Crucially, you have already taken significant steps to minimize potential conflicts of interest due to digital asset holdings – divesting from hundreds of millions of dollars in digital assets or digital asset-related industry entities.”

While Sacks has either liquidated or is in the process of unloading his remaining exposure to the digital asset industry, the memo notes that Craft Ventures still has interests in crypto-related firms, including the token management platform BitGo, proof-of-space and proof-of-time blockchain Chia Network and blockchain-based gaming developer Dapper Labs.

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Sacks and his VC firm sold over $200M in crypto and stocks before WH role https://earlybirdsinvest.com/sacks-and-his-vc-firm-sold-over-200m-in-crypto-and-stocks-before-wh-role/ https://earlybirdsinvest.com/sacks-and-his-vc-firm-sold-over-200m-in-crypto-and-stocks-before-wh-role/#respond Sat, 15 Mar 2025 03:30:44 +0000 https://earlybirdsinvest.com/sacks-and-his-vc-firm-sold-over-200m-in-crypto-and-stocks-before-wh-role/

David Sacks and his venture capital firm sold over $200 million in crypto and crypto-related stocks before he commenced his role as the White House AI and crypto czar, a White House memorandum disclosed.

“You and Craft Ventures have divested over $200 million of positions related to the digital asset industry, of which $85 million is directly attributable to you,” said the memorandum dated March 5.

Crypto sell-off in an effort to prevent conflict of interest

The memorandum said “significant steps” were taken to reduce potential conflicts of interest before Sacks began his tenure as the White House AI and crypto czar — in which a major part of his role is to help create a legal framework for the crypto industry.

Sacks offloaded all the “liquid cryptocurrency” in his portfolio, as well as Craft Ventures’ portfolio — the investment firm he co-founded in 2017 — including holdings in Bitcoin (BTC), Ether (ETH), and Solana (SOL) before US President Donald Trump’s inauguration on Jan. 20.

United States, Donald Trump

The memorandum outlined which cryptocurrencies and crypto-related stocks David Sacks sold prior to Trump’s inauguration. Source: The White House

Since Trump’s inauguration, the crypto market has seen a major decline amid a broader market downturn, with many blaming Trump’s proposed tariffs and uncertainty over US interest rates.

While Bitcoin tapped a new all-time high of $109,000 just hours before Trump was sworn in as the 47th US president, it recently dipped below $80,000 on Feb. 27, erasing all post-election gains. At the time of publication, Bitcoin is trading at $84,155, as per CoinMarketCap data.

Sacks also divested from publicly traded crypto-related firms, including Coinbase (COIN), Robinhood (HOOD), and stakes in private digital asset companies.

Additionally, he sold his limited partner interest in Solana-focused Multichain Capital and crypto-focused venture capital firm Blockchain Capital. At the same time, Craft Ventures offloaded its holdings in Multichain Capital and Bitwise Asset Management.

Sen. Warren urged Sacks to prove he no longer holds crypto

The memorandum is dated one day before Massachusetts Senator Elizabeth Warren urged Sacks in a March 6 letter to prove he no longer holds any digital assets, following Sacks’ claim in an X post that he sold off all his crypto.

“Despite your public statements via X, it remains unclear exactly when you personally divested from BTC, ETH, and SOL, when Craft Ventures divested from Bitwise, and whether people close to you ‘may have held positions and sold into the recent price surge,” Warren said.

Since Sacks started the White House crypto role, he has been a vocal advocate on various issues in the crypto industry, from the importance of a Strategic Bitcoin Reserve to not over-taxing the crypto industry.

Related: Bitcoin panic selling costs new investors $100M in 6 weeks — Research

Sacks recently shut down the idea of crypto transaction taxes on an episode of the All In Podcast after host Jason Calacanis proposed charging a 0.01% tax on every cryptocurrency transaction.

“That’s always how taxes start. They are described as being very modest,” Sacks said.

“You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people,” Sacks added.

Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why

]]> https://earlybirdsinvest.com/sacks-and-his-vc-firm-sold-over-200m-in-crypto-and-stocks-before-wh-role/feed/ 0 25208 Crypto Czar David Sacks Says US Government May Accumulate More Bitcoin To Add to Strategic BTC Reserve https://earlybirdsinvest.com/crypto-czar-david-sacks-says-us-government-may-accumulate-more-bitcoin-to-add-to-strategic-btc-reserve/ https://earlybirdsinvest.com/crypto-czar-david-sacks-says-us-government-may-accumulate-more-bitcoin-to-add-to-strategic-btc-reserve/#respond Mon, 10 Mar 2025 17:11:53 +0000 https://earlybirdsinvest.com/crypto-czar-david-sacks-says-us-government-may-accumulate-more-bitcoin-to-add-to-strategic-btc-reserve/

The Trump Administration’s Crypto Czar says the US could gobble up more Bitcoin (BTC) to add to its upcoming strategic reserve.

In a new interview on the All-In Podcast, renowned venture capitalist and Crypto Czar David Sacks says that the government would be allowed to purchase more of the top crypto asset by market cap to add to its strategic reserve if certain budgetary conditions are met.

“I’m talking about Treasury and Commerce – they’re allowed to figure out strategies to accumulate more Bitcoin for the reserve if those strategies are budget neutral and don’t cost the taxpayer anything. So it’s possible that we could, I’m not saying that we will, but it authorizes them to acquire more Bitcoin if they can figure out a way to do it that doesn’t impact the federal budget or the deficit or taxpayers.”

Last week, President Donald Trump signed an executive order (EO) creating a strategic Bitcoin and crypto reserve. The EO establishes a national BTC and crypto asset stockpile by holding digital assets seized from criminal activities rather than auctioning them off as had been previous practice.

Also last week, Sacks revealed that the US Federal Government lost out on tens of billions of dollars in Bitcoin growth by previously selling some of the BTC it had in its possession. As stated by Sacks at the time,

“If the government had held the Bitcoin, it would be worth over $17 billion today. That’s how much it has cost American taxpayers not to have a long-term strategy.”

According to data from market intelligence firm Arkham, the Federal government currently holds about $16.4 billion worth of the flagship digital asset.

Bitcoin is trading for $82,524 at time of writing, a 3.2% decrease on the day.

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David Sacks says market ‘reading too much’ into Trump mentioning altcoins https://earlybirdsinvest.com/david-sacks-says-market-reading-too-much-into-trump-mentioning-altcoins/ https://earlybirdsinvest.com/david-sacks-says-market-reading-too-much-into-trump-mentioning-altcoins/#respond Sun, 09 Mar 2025 06:38:35 +0000 https://earlybirdsinvest.com/david-sacks-says-market-reading-too-much-into-trump-mentioning-altcoins/

White House “Crypto Czar” David Sacks said the market is “reading a little bit too much” into President Donald Trump’s mention of Solana (SOL), Cardano (ADA), and XRP for the US Digital Asset Stockpile.

During an interview with Bloomberg Technology, Sacks said:

“The President just mentioned the top five cryptocurrencies by market cap. So I think people are just reading into this a little bit too much, he just mentioned the top five.”

He also revealed that the stockpile includes measures to stake or sell the altcoins held in it.

Altcoin audit

Sacks said the US government will audit its crypto holdings and check which altcoins are stored with the authorities. After sorting the altcoin amounts, the government will move every coin besides Bitcoin (BTC) to the Stockpile for safekeeping.

Sacks estimated that the US currently holds roughly 200,000 BTC and some Ethereum (ETH), but he is unsure about the rest.

On March 2, Trump mentioned SOL, ADA, and XRP when discussing creating a “Crypto Strategic Reserve.” It formally became the US Digital Asset Stockpile on March 6, when the President signed an executive order on the matter while simultaneously creating a Strategic Bitcoin Reserve.

Staking and rebalancing 

Sacks highlighted that Scott Bessent, Secretary of the US Treasury, will then exercise “responsible stewardship” over the altcoins held by the Stockpile. 

This includes discretion to rebalance the altcoin portfolio in the best interest of US citizens and potentially staking. 

Sacks explained:

“The Secretary of the Treasury and his team will be able to exercise portfolio management and responsible stewardship. And yes, that could include staking, it could include rebalancing, it could include sales.” 

However, he clarified that this rationale will not be applied to the Strategic Bitcoin Reserve. 

The Reserve consists of Bitcoin seized through criminal and civil forfeiture, preventing its sale, and Sacks said the US wants a long-term strategy to maximize the value of its BTC holdings.

While highlighting that the US sees Bitcoin as “scarce, valuable, and strategic to hold” as a long-term reserve asset, he said:

“The Bitcoin we want to keep long-term, so there is a difference there in objective. With the Reserve, the goal is the long-term preservation; with the Stockpile, the goal is responsible stewardship, portfolio management of assets.”

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Posted In: Bitcoin, Cardano, Ethereum, Solana, XRP, US, Adoption, Crypto, Featured, Legislation, Regulation
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David Sacks pushes back against idea of crypto transaction tax https://earlybirdsinvest.com/david-sacks-pushes-back-against-idea-of-crypto-transaction-tax/ https://earlybirdsinvest.com/david-sacks-pushes-back-against-idea-of-crypto-transaction-tax/#respond Sat, 08 Mar 2025 20:13:50 +0000 https://earlybirdsinvest.com/david-sacks-pushes-back-against-idea-of-crypto-transaction-tax/

White House crypto and AI czar David Sacks rejected the idea of taxes on each cryptocurrency transaction as a method of filling the US strategic Bitcoin (BTC) reserve and the crypto stockpile with digital assets.

During a recent appearance on the All In podcast, host Jason Calacanis proposed charging a 0.01% tax on every cryptocurrency transaction, which would be denominated in the asset that is transferred, bought, or sold. Sacks responded:

“That’s always how taxes start. They are described as being very modest. You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people.”

“So, I don’t particularly like the idea of new taxes, even if it is promised that they won’t affect people very much. That sounds burdensome to me,” Sacks continued.

Crypto investors were highly critical of the idea, which would also tax transfers of assets between wallets owned by the same person.

The recent White House Crypto Summit made no mention of concrete tax policies. However, the Trump administration has signaled its support for sweeping tax reform at the federal level.

Bitcoin Regulation, US Government, United States

David Sacks discusses Bitcoin strategic reserve and crypto stockpile. Source: All In podcast

Related: US will use stablecoins to ensure dollar hegemony — Scott Bessent

President Trump proposes eliminating income tax and Internal Revenue Service

President Donald Trump previously proposed eliminating the federal income tax and replacing the income tax revenue with tariffs on imported goods.

Trump said the United States federal government was funded exclusively by tariffs in the 19th century and argued that it was a time of almost unparalleled prosperity for the country.

Howard Lutnick, the commerce secretary of the US, reiterated the proposal and said that the Internal Revenue Service (IRS) would be replaced by an “External Revenue Service.”

According to research from accounting automation company Dancing Numbers, the Trump administration’s plan to replace revenues from federal income taxes could save each American taxpayer at least $134,809.

The company added that the lifetime savings could be extended to as much as $325,561 per person if state-income taxes are also repealed.

Magazine: How crypto laws are changing across the world in 2025

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US Government Bitcoin Stash Would Be Worth an Extra $16,634,000,000 if the DOJ Hadn’t Sold BTC: David Sacks https://earlybirdsinvest.com/us-government-bitcoin-stash-would-be-worth-an-extra-16634000000-if-the-doj-hadnt-sold-btc-david-sacks/ https://earlybirdsinvest.com/us-government-bitcoin-stash-would-be-worth-an-extra-16634000000-if-the-doj-hadnt-sold-btc-david-sacks/#respond Fri, 07 Mar 2025 23:23:44 +0000 https://earlybirdsinvest.com/us-government-bitcoin-stash-would-be-worth-an-extra-16634000000-if-the-doj-hadnt-sold-btc-david-sacks/

The White House’s “Crypto Czar,” David Sacks, says the US government would own an extra $16.634 billion worth of Bitcoin if the Department of Justice (DOJ) had held onto its BTC.

Sacks notes the federal government has sold approximately 195,000 Bitcoin for $366 million, far less than it could have earned for the BTC today.

“If the government had held the Bitcoin, it would be worth over $17 billion today. That’s how much it has cost American taxpayers not to have a long-term strategy.”

The US government currently owns $17.05 billion worth of BTC, per data from the blockchain analytics firm Arkham.

Sacks previously served as PayPal’s chief operating officer (COO) and is a high-profile venture capitalist who has invested in Airbnb, Palantir, Postmates, Reddit, Slack, SpaceX, Twitter, Uber and other big-name tech companies.

The U.S. Marshals Service typically sells US government-seized Bitcoin in auctions.

On Sunday, President Donald Trump confirmed that the US will set up a “crypto strategic reserve” consisting of Bitcoin, Ethereum (ETH), XRP, Solana (SOL) and Cardano (ADA).

BTC is trading at $87,104 at time of writing. The top-ranked crypto asset by market cap is down by nearly 8% in the past 24 hours but is up by more than 6.5% in the past week.

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