US President-elect Donald Trump announced on Thursday the appointment of David Sacks, former Chief Operating Officer of PayPal as his "White House A.I. & Crypto Czar," marks another major move in reshaping U.S. policies in these areas. Trump said that Sacks would oversee the administration's strategies for artificial intelligence and cryptocurrency.
Among his biggest responsibilities will be drafting a regulatory framework for the crypto sector and heading a presidential advisory council focused on science and technology. "David will focus on making America the clear global leader in both areas," Trump wrote on social media. "He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship."
Trump's Crypto Czar
The crypto czar, along with key members of Trump's incoming administration, including the heads of the Securities and Exchange Commission and the Commodity Futures Trading Commission, are expected to transform U.S. digital currency policies. This effort will be supported by a newly created crypto advisory council.
Trump's tech supporters generally advocate for limited regulation of artificial intelligence and cryptocurrencies like Bitcoin, arguing that overly strict rules from Washington could stifle innovation in these rapidly growing sectors.
Entrepreneur Elad Gil, known for his investments in companies like Airbnb and cryptocurrency platform Coinbase, described the selection of David Sacks as a "strong move" in a post on X. OpenAI CEO Sam Altman also chimed in on the platform, congratulating Sacks with the message, "Congrats to czar @DavidSacks!"
Steve Jang, founder of Kindred Ventures and a co-investor with David Sacks in cryptocurrency and AI startups, shared his thoughts with Reuters. "Sacks will likely have a light touch on regulation, but not without some guardrails," Jang remarked.
Earlier this year, Sacks emerged as a prominent Trump supporter, hosting a high-profile fundraiser at his mansion in San Francisco. The event featured $50,000-per-person tickets, with a premium $300,000 option offering exclusive benefits, such as a photo opportunity with Trump.
Unwavering Support for Trump
Sacks' recent support for Trump marks a notable shift from his earlier stance. Following the January 6, 2021, Capitol riot, Sacks openly criticized Trump on an episode of his All-In podcast, stating that Trump was "clearly" responsible for the events and had "disqualified himself from running for national office."
In July, Sacks addressed the Republican National Convention held in Milwaukee. A seasoned venture capitalist and entrepreneur, Sacks is widely known for selling Yammer to Microsoft in 2012 for $1.2 billion.
He is also a member of the so-called "PayPal Mafia," a group of influential tech leaders and investors, including Elon Musk and Peter Thiel, who worked together at PayPal in the 1990s.
More recently, Sacks has gained recognition as a co-host of the All-In podcast alongside fellow investors Chamath Palihapitiya, Jason Calacanis, and David Friedberg.
Trump praised the podcast in his statement, calling it the "leading podcast in tech," where Sacks and his co-hosts discuss topics spanning economics, politics, and society.
