US President-elect Donald Trump has appointed former PayPal executive David Sacks as his “White House A.I. & Crypto Czar.” Sacks, a 52-year-old co-founder of venture capital firm Craft Ventures, will work on creating a legal framework for the cryptocurrency industry to thrive in the US.
Trump announced the move after bitcoin broke above $100,000 for the first time, marking a significant milestone for digital assets. The appointment reflects Trump’s tech-savvy backing and his promise to make the US “the crypto capital of the planet.”
Sacks is considered an early evangelist for cryptocurrency and has co-invested in AI startups with Steve Jang, founder of Kindred Ventures. He will likely prioritize regulating how AI is used in critical applications rather than focusing on model development.
The appointment comes as part of Trump’s efforts to reshape US policy on digital currency, alongside a newly created crypto advisory council. Industry experts have hailed the news as “extremely bullish,” with one predicting Sacks’ regulatory approach will be light-handed but with guardrails.
Sacks previously worked at Zenefits and founded Yammer, a social network for enterprise users. His appointment reflects Trump’s tech-friendly stance and his efforts to support innovative sectors like AI and cryptocurrency.
Source: https://www.reuters.com/world/us/trump-appoints-former-paypal-coo-david-sacks-ai-crypto-czar-2024-12-06