President-elect Donald Trump has appointed David Sacks, the former Chief Operating Officer of PayPal and a prominent Silicon Valley figure, as his White House Artificial Intelligence (AI) and Cryptocurrency Czar.
Sacks, a longtime supporter of Trump, will play a pivotal role in shaping the future of AI and digital currencies, two key areas that are crucial to the US’s global competitiveness in technology.
In his announcement, Trump emphasized Sacks’ ability to guide policy in these emerging sectors, with the goal of establishing the U.S. as the world leader in both AI and cryptocurrency.
“David has the knowledge, business experience, intelligence, and pragmatism to MAKE AMERICA GREAT in these two critical technologies,” Trump said on his social media platform, Truth Social.
Sacks, who co-founded the enterprise social network Yammer and has been involved in numerous successful ventures, including investments in companies like Facebook, Uber, and SpaceX, is well-suited to this role. His background in both AI and digital technology gives him a strong understanding of the challenges and opportunities in these sectors. He will focus on creating a legal framework that ensures the crypto industry has the clarity it needs to thrive in the US under Trump’s leadership.
Trump’s position on cryptocurrency has evolved significantly. Despite his earlier criticisms, where he labeled crypto a scam, he has embraced the sector during his campaign, promising to transform the US into the “crypto capital of the planet.” With Bitcoin recently surpassing the $100,000 milestone, investors are hopeful that Trump’s administration will offer a favorable environment for digital currencies to flourish. This change in stance reflects a broader vision of embracing innovative technologies to strengthen the American economy.
Sacks will also lead the Presidential Council of Advisors for Science and Technology, ensuring that technological advancements, particularly in AI, remain a top priority for the administration. His appointment creates a strong connection between Trump’s government and Silicon Valley, traditionally seen as a stronghold for Democratic ideals. Sacks, a key member of the so-called “PayPal mafia,” a network of successful entrepreneurs from the company, has been vocal in his support of Trump, even hosting a fundraiser for him in 2016.
Beyond AI and crypto, Sacks will focus on safeguarding free speech online, pushing back against what Trump describes as the growing problem of “Big Tech bias and censorship.” This aligns with Trump’s broader agenda to challenge the dominance of large tech firms and promote greater freedom of expression in the digital age.
Sacks’ role will be advisory in nature, allowing him to maintain his position at Craft Ventures, his venture capital firm, while taking on the responsibility of shaping policy in these vital industries. His deep ties to tech companies and his previous leadership experience make him a valuable asset to the incoming administration’s efforts to position the US at the forefront of technological progress.
Reuters, the Financial Times, and FOX Business contributed to this report.
