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US President-elect Donald Trump has named former PayPal chief operating officer (COO) David Sacks as his AI and crypto Czar.
“David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness,” Trump said in a Dec. 6 post on his social platform, Truth Social. “David will focus on making America the clear global leader in both areas,” Trump added.
David Sacks Is Tasked With Designing A Crypto Legal Framework In The US
Crypto companies operating in the US have come under regulatory fire from the Securities and Exchange Commission (SEC) under the leadership of outgoing Chair Gary Gensler in recent years. In an effort to comply with the law, crypto leaders have called for a clear crypto regulatory framework for them to follow.
Congrats to my bestie @DavidSacks on his new position as “White House AI & Crypto Czar” 🚀 pic.twitter.com/hWLiS9LH4y
— @jason (@Jason) December 6, 2024
The call for clearer crypto policy has not been answered yet, which is something Trump seeks to address with Sacks’ appointment. One of the former PayPal COO’s main tasks will be to “work on a legal framework so the Crypto industry has the clarity it has been asking for,” Trump said.
Sacks will also be responsible for safeguarding online speech and steering America “away from Big Tech bias and censorship,” the incoming US president added.
Trump Embraces The Crypto Market
Trump embraced the crypto market during his 2024 presidential campaign, making a series of bullish promises throughout the year. This marked a change in stance toward the digital asset industry, which he had harshly criticized when in office previously.
One of the biggest promises made to the crypto space was that Trump would fire anti-crypto SEC commissioner Gensler on his first day in office. Gensler, however, took things into his own hands by announcing that he will be step down from his role as SEC Chair in January.
Along with Sacks’ appointment, Trump has also selected crypto backers such as Tesla founder and billionaire Elon Musk into advisory roles while naming Paul Atkins as his pick for SEC Chair.
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