President-elect Donald Trump announced the appointment of venture capitalist David Sacks as the White House "AI and Crypto Czar." The announcement was made Thursday via Trump’s Truth Social platform, where he emphasized Sacks’ role in shaping a legal framework to provide clarity for the Bitcoin and crypto industry while advancing U.S. leadership in artificial intelligence (AI).

Sacks, a former PayPal executive and co-founder of Craft Ventures, is widely regarded as part of Silicon Valley’s “PayPal Mafia” alongside Elon Musk and Peter Thiel. His appointment reflects Trump’s focus on fostering innovation in rapidly developing sectors like digital assets and AI. “David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency,” Trump stated, adding that Sacks would work to make America the global leader in these critical industries.

Sacks will oversee the development of U.S. policies for cryptocurrencies and AI, while also leading the Presidential Council of Advisors for Science and Technology. His appointment includes spearheading Trump’s efforts to establish regulatory clarity for cryptocurrencies, an initiative that has gained momentum with Bitcoin surpassing $100,000 for the first time this week.

“The crypto industry basically wants a really clear line for knowing when they’re a commodity,” Sacks remarked on his podcast last month, praising legislation that sought to regulate digital assets under the Commodity Futures Trading Commission (CFTC). He also criticized the Securities and Exchange Commission (SEC) under outgoing Chair Gary Gensler, stating, “The days of Gensler terrifying crypto companies... are about to be over.”

Sacks’ role as AI and Crypto Czar highlights Trump’s broader strategy to deregulate these industries, a stance supported by industry leaders like Coinbase’s Chief Legal Officer Paul Grewal, who called the appointment a “strong move.” Trump’s agenda includes repealing Biden-era AI executive orders that prioritized safeguards, which Trump described as hindering innovation.

Sacks’ collaboration with prominent figures like Elon Musk, who leads the newly created Department of Government Efficiency, is expected to shape the administration’s tech policies. Musk and Sacks have both been outspoken about fostering free speech online and limiting government overreach in technology regulation.

Reuters Article