President-elect Donald Trump has appointed former PayPal chief operating officer David Sacks as his “White House A.I. & Crypto Czar” in an effort to overhaul U.S. policy. Sacks will focus on creating a legal framework for the crypto industry to thrive in the U.S. Trump’s tech backers support minimal regulation around artificial intelligence and cryptocurrencies, aiming to avoid excessive rules that could hinder innovation.
Sacks, a member of the “PayPal Mafia” and co-founder of venture capital firm Craft Ventures, has been involved in the crypto industry for years. He is known for holding coins like Solana and has been described as technically and commercially competent in crypto matters. As part of Trump’s administration, Sacks will also lead a White House advisory council on science and technology.
In addition to Sacks, Trump has nominated prominent Washington lawyer and crypto advocate Paul Atkins to lead the SEC, signaling a positive stance towards digital assets. Trump, who initially labeled crypto a scam, now aims to make the U.S. the “crypto capital of the planet” and accumulate a national stockpile of bitcoin.
Bitcoin recently surpassed $100,000 for the first time, reflecting growing investor interest in digital assets under a new administration that is viewed as crypto-friendly. Sacks’ appointment and Trump’s embrace of digital assets mark a significant shift in U.S. policy towards AI and cryptocurrencies.
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