President-elect Donald Trump has chosen former PayPal COO David Sacks to serve as White House artificial intelligence and cryptocurrency czar, a major step toward overhauling U.S. cryptocurrency policy.
Trump said Sacks would develop a legal framework to clarify the cryptocurrency industry and allow it to thrive in the United States.
Trump names cryptocurrency czar
Trump posted the news on his Truth Social account and said Sacks would work to create a clear regulatory framework for the crypto industry. Crypto czars and other crypto-friendly officials in Trump’s incoming administration, including the incoming chairs of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), are expected to weigh in on cryptocurrencies and other digital assets reshape U.S. policy toward cryptocurrencies and other digital assets with the help of Newly formed Cryptocurrency Advisory Committee. Trump said,
“I am pleased to announce that David O. Sacks will become White House Artificial Intelligence and Cryptocurrency Czar. In this important role, David will guide the Administration’s policy on Artificial Intelligence and Cryptocurrency, two areas that are important to the future of the United States. Competitiveness is critical. David will work to make the United States the clear global leader in both areas. He will defend free speech online and steer us away from Big Tech’s bias and censorship. He will create a legal framework that So that the cryptocurrency industry has the clarity it has been asking for and can thrive in the United States.”
Sacks is a co-founder of the venture capital firm Craft Ventures and an early leader of PayPal. Sachs will also lead the White House Advisory Council on Science and Technology.
Trump supporters want minimal regulation of technologies such as artificial intelligence and cryptocurrencies, saying too many rules and regulations could stifle innovation. Edal Gil, an entrepreneur and investor in Airbnb and Coinbase, called Trump’s selection of Sacks a powerful move. Meanwhile, Steve Jang, founder of Kindred Ventures, said:
“Sachs is likely to take a soft approach to regulation, but not without some guardrails.”
A lighter touch
Jang said Sachs will prioritize the use of AI in certain key applications rather than regulating the development of AI models themselves. The distinction is a key point of conflict for Silicon Valley investors, who unsuccessfully opposed California’s SB 1047 bill, which sought to regulate the development of artificial intelligence models. Trump also announced the nomination of Paul Atkins, known for his pro-crypto views, as SEC chairman, a move welcomed by the cryptocurrency industry.
Trump’s views on cryptocurrencies, especially Bitcoin, have changed significantly. The president-elect, who once labeled Bitcoin a scam, embraced the digital asset during a high-profile campaign, promising to make the United States the “crypto capital of the earth” and build a strategic reserve of Bitcoin. Meanwhile, Matthew Dibb, chief investment officer at Astronaut Capital, expressed optimism about Sacks’ appointment, saying:
“David has had some hands-on experience with cryptocurrencies over the years, sometimes holding tokens such as Solana. His technical and business capabilities in cryptocurrencies appear to be much stronger than most people realize.”
Disclaimer: This article is for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
