Key Takeaways
- President Donald Trump has picked venture capitalist and former PayPal executive David Sacks to serve as his AI and Crypto Czar. He will be responsible for guiding the policy direction of the incoming administration in both sectors and making America the global leader in rapidly advancing technologies.
- Sacks publicly endorsed Trump during the elections and played a major role in fundraising for the campaign from Silicon Valley donors. He is also closely associated with Vice President-elect and venture capitalist J.D. Vance.
- The host of the All-In podcast has been a vocal proponent of the crypto sector and a strong critic of social media censorship laws. His position as the Crypto and AI Czar will be temporary, similar to Elon Musk and Vivek Ramaswamy, who will be heading the Department of Government Efficiency (D.O.G.E).
U.S. President-elect Donald Trump has named venture capitalist and former PayPal COO David Sacks the White House AI and Crypto Czar. This newly created position underscores the 47th President’s intent to boost the two rapidly growing sectors.
Trump Appoints Venture Capitalist David Sacks As First- Ever AI And Crypto Czar
Trump announced his decision in a post on his Truth Social network, stating that Sacks would be responsible for guiding policy for his administration in artificial intelligence and cryptocurrency while focusing on making America a global leader in both areas.
The former President added that Sacks would also lead the Presidential Council of Advisors for Science and Technology, and work on a legal framework for the crypto industry, offering it the “clarity it has been asking for”.
In Sacks, Trump has tapped one of the most prominent Silicon Valley entrepreneurs and fundraisers. During the President’s campaign, he played a key role in bolstering fundraising among the tech industry donors, going as far as co-hosting an exclusive private event at his San Francisco residence in June, where entrants were charged $300,000 a head.
He is also closely associated with Trump’s running mate and Vice President-elect JD Vance, a venture capitalist who served as the Senator of Ohio.
Who Is David Sacks?
Sacks is a member of the “PayPal Mafia”, a group of influential entrepreneurs and former employees of PayPal, the online payments giant, who went on to contribute significantly to the technology landscape, particularly in Silicon Valley. The group includes several notable figures, such as Elon Musk, Peter Thiel, Reid Hoffman, Max Levchin, and Keith Robois.
He made his mark in the tech industry while serving as chief operating officer (COO) of PayPal. After the company was sold to eBay in 2002 for $1.5 billion, Sacks turned to Hollywood and produced several movies.
Sacks then founded the workplace communications company Yammer, which was acquired by Microsoft Corporation in 2012 for $1.2 billion, and went on to establish his own venture capital firm, Craft Ventures, in 2017. He has angel investments in Musk-owned SpaceX, Uber, Facebook, Airbnb, and Thiel’s big data analytics firm Palantir through his VC fund.
In a recent episode of the “All-In” podcast, which he co-hosts with Silicon Valley entrepreneurs Chamath Palihpitiya, Jason Calacanis, and David Friedberg, Sacks said that he has a “key man” clause in the agreements of his venture firm’s legal documents that would prevent him from taking a full-time position in the Trump administration, but he will be willing to serve as an advisor to the President-elect.
Trump claimed in his Truth Social post that Sacks will also “steer” the nation away from “Big Tech bias and censorship” and protect internet free speech. Sacks, a prominent supporter of Bitcoin and crypto assets, publicly endorsed Trump during the 2024 election.
What Is The Role of The AI and Crypto Czar?
The Crypto Czar is a new position at the White House that is widely expected to help spearhead Trump’s promise of deregulating the crypto industry. The role will allow cryptocurrency advocates to hold direct communications with the Trump administration and serve as a liaison between the President-elect, Congress, and federal agencies like the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC), which interface with the digital asset market.
On the artificial intelligence front, Sacks will lead the efforts to determine how the federal government would adopt and regulate the technology’s use as it advances. Trump has expressed awe at the potential of AI technology but is concerned over the potential harm it could cause. During his first stint as President, he signed executive orders that sought to maintain US leadership in the sector, directing federal agencies to prioritize AI in research and development spending.
Sacks can be expected to work with the Trump administration in the same manner as Elon Musk, who is heading the independent government auditing agency, Department of Government Efficiency (D.O.G.E). He will be a special government employee, who can serve a maximum of 130 days per year, with or without compensation.
His appointment comes amid speculation over Trump’s crypto-friendly policies driving the price of Bitcoin to record highs since the election, breaking past the $100,000 mark for the first time in its history. On the previous day, Trump named pro-crypto advocate Paul Atkins as the next Chairman of the SEC. Atkins priorly served as an SEC commissioner between 2002 and 2008.
The President-elect also nominated other pro-crypto figures to key economic positions, like Cantor Fitzgerald CEO Howard Lutnick as the Commerce Secretary, Soros Fund Management partner Scott Bessent as the Treasury Secretary, and former SEC chairman Jay Clayton to serve as the U.S Attorney for the Southern District of New York – a jurisdiction that covers Wall Street.
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