David Sacks Appointed as Trump’s AI and Crypto Czar
US President-elect Donald Trump has named David Sacks, a former PayPal executive and tech investor, as his “White House AI and Crypto Czar.” The announcement, made on Trump’s Truth Social platform, signals the incoming administration’s focus on reshaping US policies surrounding artificial intelligence (AI) and cryptocurrencies.
A Vision for Crypto-Friendly Policies
Sacks will spearhead efforts to establish a clear regulatory framework for cryptocurrencies. Trump described this as crucial for fostering industry growth in the United States, aiming to position the country as the global leader in digital assets.
“He will work on a legal framework so the crypto industry has the clarity it has been asking for and can thrive in the US,” Trump stated.
Sacks’ role will involve collaboration with a newly created advisory council for cryptocurrency and the chairs of regulatory bodies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The crypto industry, which has long sought reduced regulatory ambiguity, welcomed Sacks’ appointment. Tech leaders, including OpenAI CEO Sam Altman and investor Elad Gil, praised the decision on social media.
AI and Crypto Regulation Strategy
As a veteran entrepreneur and venture capitalist, Sacks is expected to favour a “light touch” regulatory approach. This includes focusing on how AI is applied in critical areas rather than regulating AI model development—a contentious issue in Silicon Valley.
Steve Jang, founder of Kindred Ventures, noted that Sacks’ policies could strike a balance between innovation and necessary safeguards, ensuring growth in both the AI and cryptocurrency sectors.
Industry Response and Milestones
Trump’s embrace of cryptocurrency during his campaign marked a departure from his earlier scepticism. His promise to make the US the “crypto capital of the planet” has already bolstered market sentiment. On the day of the announcement, Bitcoin surpassed $100,000 for the first time, a milestone viewed as a turning point for digital assets.
Matthew Dibb, CIO of cryptocurrency asset manager Astronaut Capital, described Sacks as uniquely qualified for the role, citing his technical and commercial expertise in the field.
A Leader from the PayPal Mafia
Sacks, 52, is a prominent member of the “PayPal Mafia,” a group of former PayPal executives that includes Peter Thiel and Elon Musk. Known for his early advocacy of cryptocurrency, Sacks described Bitcoin in 2017 as heralding the rise of a “decentralised web.”
Sacks’ career includes founding Yammer, a social network for enterprises, and leading software company Zenefits. As co-founder of Craft Ventures, he has backed numerous AI and blockchain startups, aligning closely with Trump’s vision for tech-driven growth.
Trump has also tapped Elon Musk to co-lead a new Department of Government Efficiency (DOGE), a playful nod to the Dogecoin cryptocurrency. Together, Musk and Sacks will likely shape a tech-centric approach to governance and innovation.
Sacks’ dual role as leader of a White House advisory council on science and technology further underscores the administration’s commitment to positioning the US at the forefront of AI and cryptocurrency innovation.
With inputs from Reuters