President-elect Donald Trump has appointed former PayPal chief operating officer David Sacks as his “White House A.I. & Crypto Czar” to work on establishing a legal framework for the crypto industry and reshape U.S. policy on digital currency. This move is part of Trump’s efforts to overhaul U.S. policy and promote minimal regulation around artificial intelligence and cryptocurrencies. Sacks, a member of the “PayPal Mafia” and a crypto advocate, has also been selected to lead a White House advisory council on science and technology.
Sacks’ appointment has been met with approval from tech investors and entrepreneurs, who believe he will prioritize regulating how AI is used in critical applications rather than stifling innovation with excessive rules. Sacks is known for his involvement in cryptocurrency projects such as Solana and his belief in the transformative potential of bitcoin, which recently broke $100,000 for the first time.
In addition to his role as a tech leader, Sacks is a co-founder of venture capital firm Craft Ventures and has held executive positions at PayPal, Zenefits, and Yammer. He is regarded as a technically and commercially competent leader in the crypto space and is expected to bring a light touch to regulation while ensuring industry growth. Trump’s embrace of digital assets and appointment of pro-crypto figures like Sacks demonstrates his commitment to making the U.S. a global leader in crypto innovation.
Photo credit
www.usatoday.com