- Donald Trump appointed David Sacks, former PayPal COO, as his “AI and Crypto Czar” to steer US policy on cryptocurrency and artificial intelligence.
- The move comes at a time when Bitcoin has surged past $100,000, with investors hoping for a crypto-friendly regulatory environment under the new administration.
Donald Trump has made a significant move in reshaping US policy on artificial intelligence (AI) and cryptocurrency, appointing former PayPal Chief Operating Officer (COO) David Sacks as his “AI and Crypto Czar.” This strategic choice comes as Bitcoin surpasses $100,000, with experts suggesting that the new appointment could accelerate the development of crypto and AI sectors in the US.
What happened: David Sacks to steer US digital policy as Trump’s AI and crypto czar
On December 5, 2024, Donald Trump confirmed through his social media platform, Truth Social, that David Sacks would take on the role of guiding policy in two critical areas—artificial intelligence and cryptocurrency. Sacks, who has been a prominent figure in the technology and financial sectors, brings a wealth of experience, having co-founded Craft Ventures and served as COO at PayPal. His new role is designed to tackle issues of regulation, with a focus on creating a legal framework that would foster clarity and growth within the cryptocurrency industry.
Also read: Leverage fallout: Crypto market faces $500M meltdown
Also read: IPv4 market: A $60T opportunity hiding in plain sight, says LARUS CEO
Sacks, also known for his advocacy of minimal regulation in the tech space, is expected to promote policies that protect innovation without over-regulating industries like cryptocurrency and AI. His appointment follows a series of recent moves by Trump to add fintech leaders to his administration, such as Jared Isaacman, CEO of Shift4, who was appointed head of NASA. These shifts are in line with Trump’s aim to overhaul the regulatory landscape for emerging technologies.
Why this is important
The US administration’s focus on AI and cryptocurrency reflects a broader desire to position America as the global leader in these transformative technologies. The appointment of David Sacks underscores the growing recognition of the economic potential of digital currencies and AI-driven innovations. His experience in the tech sector, particularly with PayPal, a company that revolutionized digital payments, positions him as an influential voice in shaping the future of both industries.
The move comes at a time when Bitcoin has recently surpassed the $100,000 mark, driven by investor optimism that the incoming administration will foster a more crypto-friendly environment. Sacks, with his experience in both venture capital and the digital currency space, is seen as someone who could provide the clarity needed by the crypto industry, enabling it to thrive without the encumbrance of excessive regulation.
Moreover, his role in overseeing a White House advisory council on science and technology will likely extend beyond crypto to include broader digital policy, impacting not only financial markets but also AI’s role in various industries. As AI and cryptocurrency continue to reshape the landscape of global finance, this appointment positions the US as an influential player in defining the future of these sectors.
