President-elect Donald Trump has appointed David Sacks, a former PayPal executive, as his “White House A.I. & Crypto Czar,” signaling a significant shift in US policy on digital currencies and artificial intelligence.
In a post on his Truth Social platform, Trump announced that Sacks will work to create a clear legal framework for the cryptocurrency industry, providing the clarity it has long sought to thrive in the US. The post did not clarify whether “czar” would be an official title.
Sacks, a 52-year-old South African-born entrepreneur, is known for his leadership roles at PayPal and as the co-founder of venture capital firm Craft Ventures. He is also recognized as a member of the “PayPal Mafia,” a group of former PayPal executives and employees, including prominent Trump backers like Peter Thiel and Elon Musk.
Sacks has been an advocate for cryptocurrencies since their early days, famously calling Bitcoin the beginning of a “new kind of web” in a 2017 CNBC interview.
Along with his work on cryptocurrency, Sacks will lead a newly formed White House advisory council on science and technology.
He is expected to play a crucial role in shaping US policy on AI and crypto, an area where Trump’s administration aims for minimal regulation, in line with Silicon Valley investors who believe excessive rules could stifle innovation.
Sacks’ appointment is seen as a strategic move to foster the growth of the digital assets sector. His past involvement in both cryptocurrency and AI startups makes him particularly well-suited for this role, with experts predicting a focus on regulating the application of AI in critical areas, rather than its development.
Trump’s approach to cryptocurrency has evolved over time, from dismissing it as a “scam” to now positioning the U.S. as the “crypto capital of the planet.” His nomination of Paul Atkins, a crypto advocate, to lead the SEC further underscores his commitment to shaping favorable policies for digital assets.
With Bitcoin recently surpassing the $100,000 mark, the appointment of figures like Sacks signals growing optimism in the crypto market about the future of digital currencies under Trump’s administration.
Sacks’ deep understanding of both the technical and commercial aspects of crypto, along with his involvement in ventures such as Zenefits and Yammer, positions him as a key figure.
