US President-elect Donald Trump has appointed venture capitalist and former PayPal executive David Sacks to a newly created role as White House AI & Crypto Czar. The position aims to establish the US as a global leader in both fields, which had previously faced regulatory challenges under the previous administration.
The appointment is being welcomed by the crypto industry, with many seeing it as a positive move towards increased regulation and clarity on crypto businesses’ rules. Sacks, who has expressed enthusiasm for crypto technologies and invested in crypto startups, was praised by industry experts for his expertise and understanding of both AI and crypto.
Sacks will lead a council of science and technology advisers responsible for making policy recommendations and developing a legal framework for crypto businesses to follow. This move is seen as a significant step towards setting clear rules for the industry, which has been vying for jurisdiction with regulatory agencies such as the SEC and CFTC.
Trump’s announcement emphasized the importance of AI and crypto in boosting American competitiveness. Sacks’ appointment is being viewed as a potential game-changer for the industry, with many expecting him to deliver on Trump’s campaign pledges, including setting up a national “bitcoin stockpile”.
Industry experts have expressed positive initial reactions to Sacks’ appointment, with some speculating that his dual role could pave the way for experimentation around synergies between AI and crypto. However, concerns remain about the scope of the czar’s power and whether it will be a policy driver or coordinator position.
Sacks has a background in tech, having built PayPal alongside Elon Musk and other prominent figures. He runs Craft Ventures, which has invested in companies including AirBnb and Slack, as well as crypto firms BitGo and Bitwise. The appointment is seen as a testament to Trump’s commitment to the industry, with Sacks himself stating that he will advance American competitiveness in these critical technologies.
Source: https://www.wired.com/story/crypto-industry-hails-david-sacks-czar