Donald Trump has announced a key appointment as part of his plan to transform how the United States handles new technologies.
David Sacks, a well-known tech entrepreneur and former COO of PayPal, has been named the White House AI and Cryptocurrency Czar.
The position, newly created under Trump’s administration, reflects the growing importance of artificial intelligence (AI) and digital assets to the nation’s future.
A bold move for innovation
David Sacks, who is the co-founder of the venture capital firm Craft Ventures, is no stranger to the tech industry. He was an early executive at PayPal and co-founded Yammer, a business social network later sold to Microsoft for $1.2 billion.
Sacks will now bring his expertise to Washington, shaping policies for AI and cryptocurrency. Trump made the announcement on his Truth Social platform, stating:
“I am pleased to announce that David O. Sacks will be the ‘White House A.I. & Crypto Czar.’ He will safeguard free speech online and steer us away from Big Tech bias and censorship. 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.”
In addition to overseeing AI and crypto policies, Sacks will lead the Presidential Council of Advisors for Science and Technology.
This council will provide guidance on how the US can remain competitive in these fast-evolving fields.
Trump’s choice of Sacks signals a change in his views on cryptocurrency. During his first term, Trump criticised Bitcoin as being “highly volatile and based on thin air”.
Now, his administration appears to embrace the technology, with promises of clearer regulations and a friendlier environment for innovation.
Bridging tech and government
Sacks’ appointment reflects a growing effort to connect tech leaders with policymakers. Sacks, a major supporter of Trump, hosted a campaign fundraiser in San Francisco earlier this year, raising $12 million.
He has also maintained strong ties with Vice President-elect JD Vance, a former venture capitalist. Trump praised Sacks’ business acumen and experience in a separate Truth Social post, saying:
“David has the knowledge, business experience, intelligence, and pragmatism to MAKE AMERICA GREAT in these two critical technologies.”
The newly created position will act as a bridge between the White House and federal regulatory agencies, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
This direct communication is expected to address long-standing issues, particularly the lack of regulatory clarity for cryptocurrencies.
As part of Trump’s broader pro-crypto stance, other key appointments have also been announced.
Trump named Paul Atkins, a former SEC commissioner, to head the regulatory agency. Atkins, known for his business-friendly approach, is expected to introduce reforms that could reduce enforcement actions against the crypto industry.
A new era for cryptocurrency
Sacks’ appointment comes at a time when the cryptocurrency industry is demanding clearer rules for operating in the US. Over recent years, increased scrutiny from regulators has created uncertainty for businesses and investors in the sector.
Trump’s campaign promised to make the US “the world capital of crypto”, and this vision has attracted significant support from industry leaders. Several pro-crypto figures, including Elon Musk, have been brought into advisory roles within the administration.
On the same day as the announcement, Bitcoin reached a historic milestone, crossing $100,000 for the first time. It later climbed to $104,000, marking a new all-time high.
The cryptocurrency has been bullish ever since Trump’s re-election. He congratulated the crypto community, stating, “You’re Welcome”.
The market also responded to the news of Sacks’ appointment with enthusiasm. A memecoin named after him surged by 16,000%, reflecting optimism about the potential impact of his leadership.
The administration’s focus on artificial intelligence is also gaining attention. Discussions around AI regulation and safety have been ongoing, with some proposals vetoed at the state level.
