President-elect Donald Trump has named David Sacks, a venture capitalist and former PayPal COO, as his administration’s “AI and crypto czar.” Trump made the announcement on Thursday, emphasizing Sacks’ role in shaping policies for artificial intelligence and cryptocurrency.
“David will guide our administration’s policies in AI and cryptocurrency, both critical to America’s competitive future,” Trump stated on Truth Social. He added that Sacks will focus on making the U.S. a global leader in these fields.
Sacks is tasked with creating a legal framework to provide clarity for the crypto industry.
Silicon Valley’s “PayPal Mafia” Veteran Takes Center Stage
Sacks is a member of Silicon Valley’s “PayPal Mafia.” This group includes influential figures like Elon Musk and Peter Thiel, who have shaped the tech industry.
Sacks also founded Yammer, an enterprise social networking platform, which was sold to Microsoft in 2012 for $1.2 billion. This success further highlights his influence in both the tech and financial sectors.
Earlier reports suggested Chris Giancarlo, former CFTC chair, for the “crypto czar” role. However, Trump chose Sacks instead.
Sacks’ Political Shift: From Critic to Ally
Sacks’ appointment is part of his shift from critic to supporter of Trump. He once criticized Trump after the January 6 Capitol riots, calling him responsible and unfit for office.
However, Sacks became a Trump supporter and hosted a $50,000-per-ticket fundraiser in San Francisco. Premium tickets, costing $300,000, included a photo with Trump.
This change marks a significant shift for Sacks, who had distanced himself from Trump in the past.
Crypto-Friendly Policies Take Shape
Sacks’ appointment signals a shift toward crypto-friendly policies in the Trump administration. This week, Trump also appointed Paul Atkins, a pro-crypto financial regulator, as the head of the SEC.
Atkins has been praised for his stance against overregulation. Trump called him a “proven leader for commonsense regulations.”
Through these appointments, the administration is clearly positioning itself to support innovation in AI and cryptocurrency while addressing regulatory challenges.
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