WEB3
by BSCN
December 6, 2024
Sacks, a Silicon Valley veteran and former PayPal COO, will guide policy on artificial intelligence and cryptocurrency, aiming to position the U.S. as a global leader in both sectors.
U.S. President-elect Donald Trump appointed David O. Sacks as the “White House AI and Crypto Czar.” The announcement, made Thursday on Truth Social, highlights Sacks’ role in shaping the administration’s approach to two of the most pivotal sectors in today’s global economy.
David Sacks is a well-known figure in Silicon Valley, best recognized for his role as the former chief operating officer (COO) of PayPal. His ties to the tech industry, particularly the PayPal Mafia—the group of entrepreneurs who emerged from PayPal’s early years—have earned him a reputation as a key player in the digital economy.
After PayPal’s acquisition by eBay, Sacks ventured into Hollywood, producing the satire Thank You for Smoking. He later returned to Silicon Valley to found Yammer, a workplace communication platform acquired by Microsoft in 2012 for $1.2 billion.
In 2017, Sacks founded Craft Ventures, a venture capital firm where he has invested in several prominent companies, including Elon Musk’s SpaceX.
David Sacks has invested in several cryptocurrency projects through Craft Ventures, which also holds stakes in Multicoin, a venture capital firm that was a major supporter of Solana in 2018. Sacks, a firm holder of Solana, has stated that he did not sell his holdings after the FTX incident and believes Solana could eventually surpass Ethereum.
In his announcement, Trump emphasized that Sacks’ mission would be to establish a clear legal framework for the U.S. cryptocurrency sector.
“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.,” Trump stated.
With the crypto industry often grappling with regulatory uncertainty, Sacks’ appointment suggests a more favorable and predictable environment for the sector, which has faced growing regulatory pressure in recent years.
Trump’s announcement also emphasized that Sacks would work to safeguard free speech online, counteracting what he sees as Big Tech’s biases and censorship. With the rise of AI-driven platforms, including those developed by Musk’s company xAI, Sacks’ role will also involve ensuring that AI innovation continues in a manner that supports both market competition and American leadership.
In addition to his duties as the White House AI and Crypto Czar, Sacks will lead the Presidential Council of Advisors for Science and Technology.
Despite his high-profile position, Sacks will not be required to divest or disclose his financial holdings. However, as a special government employee, he will be subject to conflict-of-interest rules and will need to recuse himself from any matters that could impact his financial interests. Like Musk, Sacks can serve up to 130 days per year in this capacity, with or without compensation.
The recent update follows Paul Atkins being nominated as President-elect Donald Trump’s choice to lead the U.S. Securities and Exchange Commission (SEC). Shortly after, Bitcoin surged past $100,000 for the first time in history.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
Latest News
January 20, 2025
Students for Trump Co-founder Under Fire After Selling Half of 'TikTok' Memecoin
January 20, 2025
Trump's World Liberty Financial Hits $254M Token Presale Milestone
January 20, 2025
Melania Trump Launches $MELANIA Meme Coin: What You Need to Know
January 20, 2025
Donald Trump's Official $TRUMP Memecoin: What We Know
January 18, 2025
Weekly Article Recap: 1/13-1/17
January 17, 2025
Quai Network Sets Mainnet Launch for January 29, 2025
January 17, 2025
Phantom Wallet Secures $150M in Funding Round Led by Sequoia Capital and Paradigm
January 17, 2025
Does Donald Trump Really Plan to Establish a U.S. Strategic Altcoin Reserve?