Throughout the year, the crypto industry has undergone significant regulatory changes influenced by President Trump’s new policies, alongside a coalition of senators advocating for the adoption and growth of digital assets.
However, tensions escalated when a group of Democratic senators began to challenge Trump’s policies, claiming that they reflect a significant conflict of interest, but this time, particularly concerning David Sacks, the White House’s AI and Crypto Czar.
White House Crypto Czar Denies Conflicts Of Interest
In a recent statement on social media site X (formerly Twitter), Sacks shared that five months ago, several reporters from The New York Times were assigned to investigate supposed conflicts of interest linked to his role.
He described how the investigation persisted through numerous “fact checks,” during which they scrutinized various accusations against him. Despite presenting thorough rebuttals, Sacks noted that the published article only included fragments of their responses, while the foundation of the accusations remained largely speculative.
According to the White House’s Crypto Czar, the allegations ranged from a “fabricated dinner” with a notable tech CEO to unfounded claims of promising access to the President and exerting influence over defense contracts. He argued that each time an accusation was disproven, the Times simply shifted to another claim.
Sacks expressed frustration that, in their pursuit of a “sensational story,” The New York Times overlooked the fact that he has no genuine conflicts of interest to uncover. He described the final article as a “nothing burger,” asserting that it merely pieced together anecdotes that do not substantiate its headline.
To counter what he deemed a misrepresentation of the facts, Sacks ultimately hired a law firm specializing in defamation law, to assist in addressing these allegations.
New Bills Could Dismantle Century-Old Banking Practices
Market expert Jack Sage later weighed in on these developments via social media, asserting that US bankers, including JPMorgan, are waging “TOTAL WAR” on Bitcoin.
Sage pointed out several targets of this new onslaught, including Strategy (previously MicroStrategy), along with key figures such as Strike CEO Jack Mallers, and stablecoin issuer Tether (USDT).
He indicated that David Sacks is now in the line of fire, characterizing this as a coordinated attack aimed at diminishing a crypto-friendly influence within Trump’s administration.
Sage suggested that the Trump administration seeks to leverage Bitcoin and stablecoins to challenge the banks’ “longstanding monopoly” over the money supply.
He pointed to potential legislative initiatives such as the GENIUS Act, the upcoming CLARITY Act, and possibly the BITCOIN Act as transformative measures that could shift money creation away from traditional banks and the Federal Reserve (Fed).
These proposed bills, according to Sage, could dismantle the fractional reserve banking system that has existed for over a century. The response from traditional bankers and globalists, Sage noted, has been one of desperation as they confront a reality where they may lose control over monetary systems for the first time.
Featured image from DALL-E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.