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- Donald Trump, the 47th president of the U.S., has appointed David Sacks, the former PayPal COO, as his lead policy adviser on artificial intelligence and crypto.
- In the announcement, Trump stated that part of Sacks’ responsibilities would be to protect online speech and lead the Presidential Council of Advisors on Science and Technology.
David Sacks, recognized as the former Chief Operating Officer of PayPal, was appointed to the newly established position of the U.S. “A.I. & Crypto Czar” by President-elect Donald Trump on December 6. Trump made this announcement on Thursday via his Truth Social account. For context, David Sacks is a prominent entrepreneur and investor in technology, born in South Africa.
He gained significant recognition as the CEO of Zenefits and as the founder of Yammer, which he sold to Microsoft for $1.2 billion in 2012. Before that, Sacks was an early leader at PayPal, the payment processing firm acquired by eBay in 2002 for almost 15 years. He is also a general partner and co-founder of Craft Ventures, a venture capital firm that supports early-stage startups. He has made notable investments in companies like Uber, SpaceX, Facebook, and Airbnb.
Additionally, Sacks is an early advocate for cryptocurrencies, famously stating in a 2017 CNBC interview that he believes Bitcoin is transforming the internet and ushering in a new “decentralized web” or “internet of money.”
What is Sacks’ Role in Trump’s Administration?
In his statement, Trump emphasized that Sacks would work on developing a legal framework that would provide clarity for the cryptocurrency industry, which has long sought clear regulations to help it flourish in the United States. He characterized Sacks’s appointment as an “important role,” highlighting that Sacks would be responsible for guiding policy regarding Artificial Intelligence and Cryptocurrency, both fields deemed crucial for America’s future competitiveness.
Trump stressed the importance of making the U.S. the undisputed global leader in these innovative areas. Additionally, Trump noted that Sacks would play a vital role in promoting free speech online and combatting perceived biases and censorship by major tech companies. According to Trump, the goal is to ensure a balanced approach to technology regulation while fostering an environment conducive to growth in these emerging sectors.
Alongside his responsibilities as the A.I. and Crypto Czar, Sacks will also preside over the Presidential Council of Advisors on Science and Technology, as informed by Trump. The President-elect lauded Sacks’s unique combination of knowledge, business acumen, and practical insights as essential assets for advancing America’s interests in these technologies.
Sacks’s appointment follows Trump’s broader initiative to reshape the policy landscape surrounding cryptocurrency. His administration includes other significant nominations, such as Paul Atkins, a well-known Washington attorney and advocate for digital currencies, who has been tapped to be the Securities and Exchange Commission (SEC) chair.
The announcement of Sacks’s role as the crypto czar came after a notable surge in the cryptocurrency market. Following the news, Bitcoin, the most recognized digital currency, surpassed the symbolic threshold of $100,000 for the first time, indicating a positive market response to the anticipated regulatory changes and support for the industry.
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