President-elect Trump said Thursday that venture capitalist David Sacks will serve as the White House artificial intelligence (AI) and cryptocurrency czar. In this newly created role, Sacks will lead the administration’s policy on AI and cryptocurrency, including developing a legal framework for the crypto industry.
Trump stated on Truth Social, ‘David will focus on making America the clear global leader in both areas. He will safeguard Free Speech online and steer us away from Big Tech bias and censorship.’
Sacks will also take the lead on the Presidential Council of Advisors for Science and Technology. Trump praised Sacks, saying, ‘David has the knowledge, business experience, intelligence, and pragmatism to MAKE AMERICA GREAT in these two critical technologies.’
Having been an early member of PayPal alongside Elon Musk, Sacks is part of a network of tech pioneers often known as the PayPal Mafia, which includes notable figures like former PayPal CEO Peter Thiel.
This appointment signals Trump’s growing embrace of the cryptocurrency sector, even after previously dismissing it as a ‘scam.’ He had expressed intentions to make the U.S. the ‘crypto capital of the planet’ during his presidential campaign.
Additionally, Trump announced that former Securities and Exchange Commissioner Paul Atkins would return to lead the agency in his administration. This choice has been welcomed by the cryptocurrency industry. Currently, Atkins is co-chair of the Digital Chamber’s Token Alliance and will replace the outgoing SEC Chair Gary Gensler, who had been a source of dissatisfaction for many in the crypto space.
Following Trump’s recent victory, the price of Bitcoin surged, exceeding $100,000 for the first time, prompting Trump to congratulate Bitcoin supporters with a post on Truth Social, saying, ‘CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!’
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- Cryptocurrency
- David Sacks
- Venture Capital