On March 27th, David Sacks will step down as the White House Lead for Artificial Intelligence and Crypto Affairs, concluding a brief but impactful tenure on U.S. digital asset policy, with several significant legislative efforts remaining unfinished. In an interview with Bloomberg on Thursday, he stated that his term officially ends due to reaching the 130-day limit for special government employees. However, he will continue to be involved in government affairs, serving as co-chair of the President's Council of Advisors on Science and Technology, where he will advise on broader technology issues. During his time at the White House, Sacks played a central role in shaping the Donald Trump administration's crypto policies, including advocating for legislation related to market structure and stablecoins, as well as supporting the establishment of a strategic U.S. Bitcoin reserve. He also championed clearer regulatory rules for digital assets and, like many within the Trump camp, criticized the Joe Biden administration's previous regulatory approach for its over-reliance on enforcement.
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David Sacks Steps Down as White House Crypto Lead, Key Legislation Pending
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GameStop Did Not Sell Its 4,709 Bitcoin Holdings
On March 27, GameStop disclosed on Tuesday that it had pledged nearly all of its Bitcoin holdings as collateral with Coinbase in January for a covered call strategy, ending two months of speculation about whether it had sold the cryptocurrency. In its 10-K annual report filed with the U.S. SEC, the video game retailer stated that it had pledged 4,709 Bitcoin, representing almost its entire holdings, in an agreement with Coinbase Credit and utilized this position to sell call options. This filing clarifies market speculation from January, when on-chain analysts observed GameStop transferring all its Bitcoin to Coinbase Prime, leading to assumptions that it might be preparing for a liquidation. With Bitcoin down 45% from its all-time high, Bitcoin asset reserve models have faced pressure in recent months, and some analysts questioned the sustainability of a "buy and hold" strategy last year. This move indicates GameStop's attempt to generate yield by selling short-term call options with strike prices between $105,000 and $110,000, which are set to expire this Friday. The disclosure shows the company has $2.3 million in unrealized gains and $700,000 in liabilities related to these options on its books, with some covered call contracts having expired in January without being exercised. The covered call strategy allows GameStop to sell call options, giving the buyer the right to purchase its Bitcoin at a fixed price; if the options are not exercised, the company can keep the option premiums and retain its Bitcoin holdings. -
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Turkey's Weekly Gold Sales Hit Highest Since 2018
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