President-elect Donald Trump has picked former PayPal COO David Sacks as his White House AI and Crypto Czar in a significant step towards overhauling US policy towards crypto.
Trump stated Sacks will work on a legal framework to give the crypto industry clarity and allow it to thrive in the US.
Trump Appoints Crypto Czar
Trump announced the news in a post on his Truth Social account, stating that Sacks will work on creating a clear regulatory framework for the crypto industry. The crypto czar and other crypto-friendly officials in Trump’s incoming administration, including the incoming Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) Chairs, are expected to reshape US policy on crypto and other digital assets, with help from a newly created crypto advisory council. Trump Stated,
“I am pleased to announce that David O. Sacks will be the White House AI and Crypto Czar. In this important role, David will guide the policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. 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. 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.”
Sacks is a co-founder of venture capital firm Craft Ventures and an early leader of PayPal. Sacks will also lead a White House advisory council on science and technology.
Trump’s backers want minimum regulation around technologies such as artificial intelligence and cryptocurrencies, stating that excessive rules and regulations could throttle innovation. Edal Gil, an entrepreneur and investor in Airbnb and Coinbase, called the selection of Sacks a strong move by Trump. Meanwhile, the founder of Kindred Ventures, Steve Jang, stated,
“Sacks will likely have a light touch on regulation, but not without some guardrails.”
A Lighter Touch
According to Jang, Sacks will prioritize the use of AI in certain crucial applications instead of regulating the development of AI models themselves. This distinction was a key point of conflict for Silicon Valley investors opposed to California’s unsuccessful SB 1047 bill that sought to regulate AI model development. Trump also announced the nomination of Paul Atkins, known for his pro-crypto views as SEC Chair, a move hailed by the crypto industry.
Trump’s views on crypto, especially Bitcoin, have changed significantly. The President-elect, who once labeled BTC as a scam, embraced digital assets during his high-profile campaign and promised to make the US the “crypto capital of the planet” and create a strategic stockpile of BTC. Meanwhile, Matthew Dibb, Chief Investment Officer at Astronaut Capital, called the appointment of Sacks extremely bullish, stating,
“David has had somewhat of a hands-on approach to crypto over the years, at times holding coins such as Solana. He appears to be a lot more technically and commercially competent regarding crypto than most would think.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
