Donald Trump ,Names Former PayPal Executive David Sacks As AI and Crypto Czar
Donald trump keeps to his campaign promises of making U.S the crypto capital of the planet
President-elect Donald Trump on Thursday said he was appointing former PayPal chief operating officer David Sacks as his “White House A.I. & Crypto Czar. Furthermore, he will work on a legal framework so the Crypto industry has the clarity it has been asking for and can thrive in the U.S.
The crypto czar and other Trump administration officials, including the Securities and Exchange Commission and Commodity Futures Trading Commission chairs, will reshape U.S. digital currency policy with a newly created crypto advisory council. Trump’s tech backers generally want minimal regulation around artificial intelligence and cryptocurrencies such as bitcoin, saying Washington would throttle growing innovative sectors with excessive rules.
While Elad Gil, an entrepreneur who has invested in companies such as Airbnb and the cryptocurrency platform Coinbase, called the choice of Sacks a “strong move” in a post on X. OpenAI CEO Sam Altman congratulated Sacks on X.
Trump Highlights David Sacks Profile
Born in South Africa, Sacks, 52, is a co-founder of venture capital firm Craft Ventures and an early leader of PayPal, a payment processing firm acquired by eBay in 2002.
Sacks is also considered a member of the “PayPal Mafia” of former workers and executives at the digital finance firm, including prominent Trump supporters Peter Thiel and Elon Musk.
Furthermore, Sacks is also a former chief executive of software company Zenefits and founded Yammer, a social network for enterprise users. He was an early evangelist of cryptocurrencies, telling CNBC in a 2017 interview that he believed the rise of bitcoin, the world’s largest cryptocurrency, was revolutionizing the internet.
“It feels like we are witnessing the birth of a new kind of web. Some people have called it the decentralized web or the internet of money,” he said. Trump said Sacks will also lead a White House advisory council on science and technology.
Furthermore, Tesla CEO and xAI leader Musk, a cryptocurrency enthusiast, Trump appointed him co-lead of the new Department of Government Efficiency. The advisory board to streamline government uses the nickname DOGE, a cryptocurrency’s name.
Donald Trump who once labeled crypto a scam, embraced digital assets during his campaign, promising to make the U.S. the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.
