Crypto Czar David Sacks Fires Back: Denies NYT Conflict of Interest Claims
David Sacks isn't having it. The newly appointed 'Crypto Czar' just torched The New York Times' conflict-of-interest allegations—calling the claims a desperate narrative from legacy media watching its influence crumble.
The Accusation & The Rebuttal
The Times piece suggested Sacks' dual role—a vocal crypto advocate and a government advisor—created an untenable position. Sacks shot back, framing the criticism as an attack on the entire digital asset industry by institutions that failed to innovate. His defense was blunt: advocating for clear regulation isn't a conflict; it's a necessity for a sector Wall Street still doesn't understand.
Why This Fight Matters
This isn't just a war of words. It's a battle for the narrative. Every headline questioning a crypto leader's motives fuels the old guard's favorite talking point: that the space is built on shaky ethics. Sacks' aggressive pushback signals a new phase—crypto leadership is done playing defense and is going on the offensive against traditional finance's gatekeepers.
The Bigger Picture
The skirmish highlights the growing pains of a trillion-dollar industry colliding with century-old regulatory frameworks. Sacks represents a faction demanding a seat at the table, not permission to sit. The old financial system, built on intermediaries collecting fees for moving digits on a screen, sees this as an existential threat. Their playbook? Cry 'conflict' when someone tries to rewrite the rules.
One cynical finance jab? The loudest critics of crypto's 'risks' are often the same banks that needed trillion-dollar bailouts for taking risks with other people's money. Sacks' message cuts through the noise: the future of finance won't be built by committee—it's being coded, and the old guard isn't invited to review the pull request.
Allegations and claims against Sacks
The New York Times article alleged that Sacks’ role as a special government employee allowed him to push policies that could help his holdings, including easing chip-export restrictions, supporting the GENIUS Act, and participating in an AI-chip deal with the UAE.
The report also raised concerns about Sacks’ remaining crypto investments, claiming he held 20 crypto positions despite prior statements that he had sold over $200 million in crypto to avoid conflicts. The article suggested that some of his actions, like advancing the GENIUS Act, could benefit companies connected to his investments, including BitGo, where Craft owns 7.8 percent.
Sacks’ attorneys’ legal pushback
Sacks’ attorneys at Clare Locke sent a detailed letter to the NYT, calling the report a “hit piece” and accusing the paper of “willful misunderstanding” of Sacks’ role. The letter said Sacks submitted all required financial disclosures and received ethics guidance clearing him of conflicts in AI and cryptocurrency policy. It also noted that he had already divested relevant holdings within the required timeframes.
The attorneys also said the NYT mischaracterized facts, including claims about a nonexistent dinner with Nvidia CEO Jensen Huang and revenue from the “All-In” podcast. They wrote that Sacks complied with all steps the U.S. Office of Government Ethics required to address potential conflicts.
Sacks emphasized that the reporting kept shifting as previous allegations were disproven, stating, “Every time we WOULD prove an accusation false, NYT pivoted to the next allegation.” He posted the legal letter publicly so readers could see the full context and understand that the reporting ignored facts.
Industry reaction
The controversy comes as Sacks continues to shape U.S. AI and crypto policy, including supporting stablecoin legislation and pushing against crypto-related banking restrictions.
Prominent crypto leaders, including Tether CEO Paolo Ardoino and Perianne Boring of Off the Chain Capital, have publicly defended Sacks on X. They called the allegations “meritless” and noted that Sacks’ work has been beneficial for U.S. crypto policy.
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