Author: Golem, Odaily Planet Daily
"Crypto Czar" David Sacks is stepping down. David Sacks explained that he is leaving his position because he has reached the 130-day limit for a Special Government Employee. In the future, he will continue to participate in relevant government affairs as the Co-Chair of the President's Council of Advisors on Science and Technology.
On December 6, 2024, Trump announced the appointment of David Sacks as the White House lead for Artificial Intelligence and Crypto matters. Because Trump directly referred to him as the "White House A.I. & Crypto Czar," David Sacks earned the title "Crypto Czar."This was not a formal official title, but rather a role to facilitate the formalization of David Sacks' influence. In the appointment letter, Trump specifically expressed his expectations for David Sacks in the crypto field: "to promote the establishment of a clear legal framework, providing the long-needed clarity for the cryptocurrency industry, allowing it to thrive in the United States."
From a motivational perspective, in 2024, Trump made numerous crypto promises to gain support from the U.S. crypto community. Therefore, after successfully assuming the presidency, he needed a capable person to help him fulfill these promises. David Sacks was the policy executor chosen by Trump.
David Sacks did not disappoint Trump's expectations and achieved some political results during his 130-day tenure:banning CBDC, convening the first White House Crypto Summit, establishing the U.S. Strategic Bitcoin Reserve Act, and facilitating the passage of the CLARITY Act, among others.
Trump's several promises to the crypto industry during the campaign were basically fulfilled by David Sacks, leading many to portray his tenure as a victory narrative. Superficially, it appears so, but in reality, reviewing the things David Sacks did for the crypto industry reveals a common characteristic—the political gestures were full, but the crypto industry's sense of gain was very thin.
During these 130 days, David Sacks was not reshaping the crypto industry; he was merely performing a crypto political show for Trump.
I. White House Crypto Summit = Trump's Praise Fest
The highlight of this performance show was that superficially sincere, but in reality, full of flattery and empty slogans, White House Crypto Summit.
On March 7, 2025, on behalf of Trump, David Sacks invited a group of crypto companies and industry figures to the White House, including a16z partner Chris Dixon, Ripple CEO, Robinhood CEO, MicroStrategy founder Michael Saylor, Coinbase CEO, among others. Several key U.S. government officials also spoke, including Trump, the Secretary of the Treasury, and others.
Crypto figures going to Washington was not unheard of before, but previously, it was mostly for hearings, to be scolded, to explain whether they were scams or not. This time was different: the setting changed from the witness stand to the White House, the atmosphere shifted from tense confrontation to dignified photo ops. Crypto figures were treated as "honored guests" by the U.S. government for the first time. David Sacks sat next to Trump, like a general director responsible for cueing lines.
At the White House Crypto Summit, David Sacks sits to Trump's left.
What was discussed at such a high-level and highly anticipated government crypto meeting?
According to the records of an Odaily Planet Daily reporter who monitored the live broadcast that night, everyone was praising Trump throughout the event. The closed-door meeting, purported to define the direction of crypto regulation for the next four years, did not release any substantive policy documents. Because the meeting content was too far from market expectations, the crypto market immediately fell after the summit concluded, according to OKX market行情 that day.
This summit certainly had symbolic significance, but the problem is precisely that it had only symbolic significance. It performed Trump's alignment with crypto once again, but the things the industry most wanted—such as unified, stable, predictable regulatory boundaries, long-term rules that institutions could comfortably enter under, and project teams not having to guess what tone the SEC and CFTC would take tomorrow—still didn't truly materialize. The meeting was lively, emotions were high, but what ultimately landed on the industry was still news-driven speculation.
Why was this meeting so hollow? Because it wasn't part of the original plan. Trump's campaign promise was to establish a cryptocurrency committee, expected to enable crypto industry leaders to have direct, ongoing dialogue with the White House and the president. But this didn't materialize for various reasons. So, a crypto summit was hastily arranged as compensation, claiming it would be held continuously. However, to date, the White House has not held a second crypto meeting of the same level.
II. Bitcoin Strategic Reserve = Moving Bitcoin to a Different Drawer
The second major thing David Sacks pushed for, the U.S. Strategic Bitcoin Reserve, if taken seriously, was not a performance but a magic trick.
A few hours before the White House Crypto Summit, Trump signed an executive order to establish a strategic bitcoin reserve, but after the news came out, the bitcoin price fell. The core reason was that David Sacks explained that this bitcoin strategic reserve came from bitcoins confiscated by the U.S. government in previous criminal or civil asset forfeiture proceedings, not from newly purchased bitcoins, without spending a single penny of taxpayers' money.
Although the order authorized the Treasury and Commerce Departments to研究 "budget-neutral" new coin acquisition strategies, it did not provide any clear buying schedule or scale. Therefore, the stance this bitcoin strategic reserve took to the market was: I will not sell bitcoin anymore, but I will not buy bitcoin anymore either.
Trump signs the Bitcoin Strategic Reserve executive order.
Did David Sacks handle this well? For Trump, of course it was brilliant, fulfilling the promise without spending a single cent.But for the crypto industry, it again had only symbolic meaning. The market originally expected the U.S. government to start accumulating bitcoin, injecting liquidity and endorsement into the market. What they got was "moving the previously seized bitcoin to a different drawer."
III. The GENIUS Act is the Real Achievement
The GENIUS Act might be the real achievement of David Sacks as the Crypto Czar.
On July 18, 2025, Trump formally signed the "GENIUS Act" in the East Room of the White House, making it a signed into law. It has not only symbolic significance but also practical significance. From an industry impact perspective, the "GENIUS Act" establishes a federal framework for USD stablecoins, meaning stablecoins have moved out of the wild growth stage and into the compliance scope, becoming a new financial tool backed by the force of federal law.
This was not accomplished by David Sacks alone, but he certainly deserves credit. However, another bill, the twin brother of the "GENIUS Act," the "CLARITY Act," is still struggling. The "CLARITY Act" was passed by the U.S. House of Representatives on July 18, 2025, alongside the "GENIUS Act," but until now, it has failed to complete the Senate process, remaining stuck in a negotiation僵局 between the banking industry and the crypto industry.
Trump signs the GENIUS Act.
David Sacks once confidently stated that the "CLARITY Act" and the "GENIUS Act" would be passed within the first 100 days of this administration. Currently, it seems he has been severely proven wrong.
The failure of the "CLARITY Act" to pass is not solely David Sacks' fault, but he certainly bears some responsibility, just as he could claim some credit when the "GENIUS Act" passed. The White House Digital Assets Working Group led by David Sacks explicitly called the "CLARITY Act" an "excellent foundation." Since the White House has already regarded it as the core draft for market structure legislation, can David Sacks be a completely unrelated bystander when it subsequently gets stuck?
The core僵局集中在conflict between the banking industry and the crypto industry over stablecoin interest, and according to the latest revised text, the banks have won.受此消息,3 月 25 日 Circle(CRCL)股价一度下跌 18%, Coinbase(COIN)下跌约 8%. Moreover, if such a "CLARITY Act" is truly passed, it would be a blow to the entire DeFi industry.
This is not quite the script that Trump and David Sacks originally touted as beneficial to the crypto industry.A bill purportedly promoting the development of the crypto industry ultimately benefits banks, not the crypto industry. How ironic.
On March 4, Trump, amidst his busy schedule, did not forget to mention the crypto industry, posting on Truth Social that the U.S. must pass the "CLARITY Act" as soon as possible, and Americans should earn higher returns on their funds. It seemed Trump was still concerned about the crypto industry, but only after the latest revised text of the bill was released on March 24 did we see clearly that it was again a "symbolic" statement.
Now, the "Crypto President" Trump has completely gone silent. As for David Sacks, the White House had already written the script for him. As the Crypto Czar, he stood in the forefront to translate Trump's campaign slogan of "making America the global crypto capital" into a few decent political actions. When the show was almost over, it was time to retreat. Now, as Co-Chair of the President's Council of Advisors on Science and Technology, David Sacks stated that he will continue to work on AI policy and technology strategy in the future, not even mentioning crypto.
The former Crypto Czar is gone, and Trump's暧昧 relationship with cryptocurrency has ended.
