President-elect Donald Trump has appointed former PayPal Chief Operating Officer David Sacks as his “White House A.I. & Crypto Czar,” signaling a major shift in U.S. policy on digital assets and artificial intelligence.
Trump announced the decision on Thursday via his social media platform, Truth Social, saying, “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.” While it remains unclear if “czar” is an official title, Sacks’ role is expected to spearhead efforts to create a more favorable regulatory environment for the burgeoning tech sectors.
In addition to Sacks, Trump’s incoming administration is expected to include key figures such as the chairs of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission. Together, they aim to reshape U.S. policies on digital currencies, supported by a newly established crypto advisory council.
The appointment has drawn praise from prominent figures in the tech world. Elad Gil, an entrepreneur and investor in companies like Airbnb and cryptocurrency platform Coinbase, called the selection of Sacks a “strong move” on the social media platform X.
OpenAI CEO Sam Altman also congratulated Sacks, posting, “congrats to czar @DavidSacks!” Meanwhile, Steve Jang, founder of Kindred Ventures, said, “Sacks will likely have a light touch on regulation, but not without some guardrails.” Jang, who has co-invested with Sacks in cryptocurrency and AI startups, predicted that Sacks would focus on regulating AI applications rather than the development of AI models themselves.
This approach could address a contentious issue for Silicon Valley investors, who have resisted initiatives like California’s failed SB 1047 bill, which sought to regulate the development of AI models.
On Wednesday, Trump further cemented his support for the crypto industry by nominating Washington lawyer and cryptocurrency advocate Paul Atkins to lead the SEC. The decision was celebrated across the industry, reflecting Trump’s shift from crypto skeptic to vocal proponent.
Trump has pledged to transform the United States into the “crypto capital of the planet” and even proposed building a national reserve of bitcoin. His embrace of digital assets was evident during his campaign, where he courted crypto enthusiasts and accepted donations in cryptocurrency.
The market responded enthusiastically to Trump’s pro-crypto stance, with bitcoin surging past the $100,000 mark for the first time on Wednesday. Investors see the milestone as a defining moment for digital assets, bolstered by the prospect of a crypto-friendly administration.
David Sacks’ appointment marks a significant step toward regulatory clarity, offering hope for innovation and growth in the rapidly evolving fields of cryptocurrency and artificial intelligence.
