Trump Appoints David Sacks as White House AI and Crypto Czar: A New Era for Tech Policy

Trump's pick of David Sacks as AI and crypto czar shows how cozy his White House will be with Silicon Valley

"David Sacks' appointment as Donald Trump's crypto czar signals a potential turning point for the cryptocurrency industry," says Kyle Bligen, director of financial policy at the Chamber of Progress, a tech industry trade group. Sacks' history in tech could help the sector play a pivotal role in the new administration, while his stance on crypto helps bolster Trump's view, expressed on the campaign, that he will be the first "crypto president." Trump posted on Truth Social, his own social network, that "David will focus on making America the clear global leader in both areas" of AI and crypto. Sacks will be working alongside Trump's pick to lead the Securities and Exchange Commission (SEC), Paul Atkins, whose years of experience as cochair of the Token Alliance, an industry-led initiative that represents crypto's interests, points in a pro-crypto direction. Sacks is a well-known name in the tech sector. Born in South Africa, he was an outspoken supporter of Trump during the election campaign this year, despite supporting neither candidate in the 2020 election. (In 2012, he donated to Republican Mitt Romney's campaign, and in 2016 backed Hillary Clinton financially.) Indeed, in 2021, Sacks said that Trump's incitement of the January 6 riots "disqualified himself from being a candidate at the national level again."

Who is David Sacks, Trump's crypto and AI chief?

Venture capitalist David Sacks has been tapped to serve as President-elect Trump's White House czar for artificial intelligence (AI) and cryptocurrency, taking on a newly created role to lead the administration's policy on the two technologies. "David will focus on making America the clear global leader in both areas," Trump wrote in a post on Truth Social on Thursday night. "He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship." Sacks, who will also lead the Presidential Council of Advisors for Science and Technology, has been a key voice of support for Trump in Silicon Valley. He got his start in the tech world in 1999 at PayPal, where he became chief operating officer. He and several of the other early members of the company would go on to found other successful tech firms, leading to their nickname -- the "PayPal mafia." This group includes former PayPal CEO Peter Thiel, LinkedIn co-founder Reid Hoffman, Yelp co-founder Jeremy Stoppelman and, most notably, billionaire tech mogul and close Trump ally Elon Musk. After leaving PayPal, Sacks founded Yammer, an enterprise social networking platform, that was acquired by Microsoft for $1.2 billion in 2012. He launched his venture capital firm Craft Ventures in 2017. Sacks also has a podcast called "All-In," which he hosts alongside fellow entrepreneurs Chamath Palihapitiya, Jason Calacanis and David Friedberg. Trump made an appearance on the podcast in June, shortly after Sacks and Palihapitiya hosted a fundraiser for the former president in San Francisco that raked in millions for the campaign. Sacks has backed numerous conservative candidates over the years, donating to former Republican presidential nominees John McCain and Mitt Romney in 2008 and 2012, according to OpenSecrets. However, in 2016, he gave thousands to the Democratic National Committee (DNC) and then-candidate Hillary Clinton. In 2020, he does not appear to have supported either Trump or President Biden. In the following years, Sacks has given to mostly Republican candidates once again, including Vice President-elect JD Vance's senate campaign. He officially endorsed Trump in June, arguing that the former president performed better than Biden on the economy, foreign policy and immigration. He also voiced concerns about the multiple lawsuits pending against Trump, describing it as "lawfare." Sacks' appointment as AI and crypto czar Thursday was met with excitement from his fellow Silicon Valley conservatives -- a small but growing contingent in an industry once considered a solid backer of the Democratic Party. "Thrilled to see @DavidSacks serve as AI & Crypto Czar," Palantir adviser Jacob Helberg wrote on X. Helberg, once a prominent Democratic donor who gave to Biden, Vice President Harris and Transportation Secretary Pete Buttigieg, gave at least $2 million to Trump this cycle. "Few people blend a deep understanding of technology with operational experience," he added. "He will be an asset to the administration and his selection reflects the @realDonaldTrump's unique ability to attract top talent to government." Sacks' nod also received widespread support from the crypto industry, which has been jubilant about the president-elect's crypto-friendly Cabinet picks so far. "David Sacks' unparalleled track record as an entrepreneur, investor, and innovator makes him uniquely suited to lead U.S. crypto policy at a pivotal moment in the industry's evolution," Blockchain Association CEO Kristin Smith said in a statement. "Sacks' vision and expertise will ensure that the United States successfully reclaims its lead amid the global race to cultivate and harness AI and crypto technologies," she added. Trump noted in his announcement that Sacks will be tasked with developing a legal framework for crypto. Throughout the Biden administration, the industry has expressed frustration over a lack of legal clarity. Much of the crypto industry's ire has been directed as Securities and Exchange Commission (SEC) Chair Gary Gensler, who they have often accused of regulating via enforcement actions. Trump announced earlier this week that former SEC commissioner Paul Atkins, a crypto advocate, will return to run the agency in his administration, much to the delight of the industry and its proponents. "The mere fact that the U.S. now has a crypto and AI 'czar' reflects the impact of @FinancialCmte," outgoing House Financial Services Chair Patrick McHenry wrote on X. "The era of regulation by enforcement is over." "With folks like David Sacks and Paul Atkins, the future of the digital asset ecosystem in the U.S. is brighter than ever," he added. Trump once dismissed crypto as a "scam," but came to embrace the industry during the campaign. At a bitcoin conference in August, he vowed to make the U.S. the "crypto capital of the planet." Bitcoin has surged since Trump's victory last month, crossing $100,000 for the first time on Wednesday. As of Friday afternoon, the price of one bitcoin was just over $101,000, down slightly from a high of $103,000 earlier this week.

What to know about David Sacks, Trump's pick for AI and crypto czar

Here's everything you need to know about Trump's AI and cryptocurrency czar David Sacks. Credit: Tom Williams/CQ-Roll Call, Inc via Getty Images Tech founders and Silicon Valley VCs who supported -- and threw their money behind -- Donald Trump are being handsomely rewarded by the President-elect. Shortly after winning the 2024 election, Trump appointed one of his biggest supporters, Elon Musk, to head up a new agency called the U.S. Department of Government Efficiency, or DOGE. Now, Trump is rewarding another wealthy tech founder for their loyalty: investor and podcaster David Sacks. "I am pleased to announce that David O. Sacks will be the 'White House A.I. & Crypto Czar,'" Trump announced in a post on his social media platform Truth Social. "In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness." According to Trump, Sacks' role will be to "safeguard Free Speech online" and "work on a legal framework" for the cryptocurrency industry. Trump also shared that Sacks would lead the Presidential Council of Advisors for Science and Technology. Sacks will be involved in crucial policy aspects of both a burgeoning technology in AI and a crypto industry ripe with fraud but expecting favorable treatment after throwing its support behind Trump. "Congrats to czar @DavidSacks!" OpenAI's Sam Altman posted on X shortly after the announcement from Trump. Regular users of Musk's X, formerly Twitter, may have seen Sacks pop-up on the platform from time to time. Sacks' opinions obsessing over Russia's war with Ukraine have previously gone viral. He has often been critiqued for his seemingly pro-Russia and anti-Ukraine positions as well as fearmongering over a potential World War III. However, Sacks and Musk actually have history with each other -- and a similar background. Like Musk, Sacks emigrated to the U.S. from South Africa. And in 1999, Sacks worked with Peter Thiel at PayPal, joining Musk as a member in the "PayPal Mafia," a group of early PayPal employees and founders who went on to find greater success founding their own tech startups. In 2008, Sacks co-founded Yammer, a social media platform for enterprises. Microsoft acquired Yammer in 2012 for $1.2 billion. Microsoft would go on to integrate Yammer within its Microsoft 365 products. Since then, Sacks has invested in a number of tech startups and companies. He founded a VC firm called Craft Ventures in 2017. In 2020, Sacks started the All-In podcast alongside Jason Calacanis, Chamath Palihapitiya, and David Friedberg. The podcast, where the four entrepreneurs discuss business and current events, has gained popularity in tech circles. Over time, the show has shown increasing support for right-wing politics, including hosting Trump for an interview in June and featuring Sacks broadcasting live from the Republican National Convention during the summer. Sacks, specifically, has been increasingly making a name for himself in right-wing circles, opposing prominent progressive politicians and public servants over recent years. And while Sacks previously said that Trump's role in the Jan. 6 storming of the Capitol disqualified the former president from serving again, the VC quickly changed his tune and hosted a high-ticket fundraiser for Trump's campaign earlier this year. For Sacks, it appears like the pro-Trump move has paid off -- barring any future falling outs with the 47th President.

Donald Trump names David Sacks "White House AI and crypto czar"

In brief: President-elect Donald Trump has announced a new position - "White House AI and crypto czar" - and tapped longtime ally David Sacks to fill the role. Sacks will guide policy for the administration on artificial intelligence and cryptocurrency, which Trump described as "two areas critical to the future of American competitiveness." The primary mandate of the new position will be to help craft policies and regulations for AI and crypto. Trump noted that part of the new position's responsibilities will be protecting free online speech and preventing Big Tech bias and censorship. One of President Trump's campaign promises was to reduce red tape for the crypto industry. Sacks will play a key role in developing the legal framework to provide the clarity the crypto industry has been asking for, allowing it to thrive in the US. Additionally, Sacks will help steer federal priorities and regulations in AI. Having a plan on how the government handles AI policy concerning national security, privacy, and workforce implications is critical. The announcement came via the Truth Social platform on Thursday. The plan is for Sacks to help make the US a worldwide leader in these rapidly evolving tech domains. Bloomberg reports that he'll serve as a conduit between the White House, Congress, and federal agencies overseeing digital assets, like the SEC and CFTC. Sacks is a Silicon Valley figure and venture capitalist who was part of the original "PayPal Mafia" crew in the 1990s, working as the payments pioneer's COO under founders like Elon Musk. He later started his own VC firm, Craft Ventures, in 2017. Sacks was one of the Trump campaign's most prominent supporters. He held fundraisers and hosted a pricey event at his San Francisco home in June, with an admission price of $300k a head to raise money for the Trump camp. Trump was also quite bullish on crypto during his campaign, speaking at Bitcoin conferences, taking crypto donations, and meeting with leaders of mining firms and exchanges. Putting a vocal proponent like Sacks in charge of his crypto agenda is an unmistakable signal of how serious he is about the space. The newfound obsession comes as a change of heart for Trump from his previous term when he clarified that he was "not a fan" of crypto. In 2019, he posted a series of tweets criticizing Bitcoin and other cryptocurrencies. President Trump expects Sacks to work closely with Musk, one of Trump's highest-profile supporters. His connections to the billionaire run deep as he has invested heavily in SpaceX.

Who Is David Sacks? Meet Donald Trump New Crypto and AI Strategist | CoinGape

The crypto industry is enthusiastic about Sacks' appointment, but critics showed concerns over his limited experience with the public sector. Amid Donald Trump's mission to build a crypto-friendly administration this presidency, he has appointed David Sacks as the Crypto and AI strategist. This is exciting for the crypto industry, especially as the market is struggling on the charts. With this information, hopes are building for Trump's presidency, as his winning alone has brought the crypto market rally, so his presidency might push it for even better. During his presidential campaigns, Donald Trump promised 11 things to the crypto industry, including making America the crypto capital and the Bitcoin superpower of the world. This and many other pledges have brought him to the 47th US President position, and he has already begun working for the same, as he is on a mission to bring a crypto-friendly administration. David Sacks is a 52-year-old South African-American entrepreneur who has now gained the position to overlook crypto regulation with his position as Crypto Czar. He is even known for his popular All in Popular podcast, where he talks about politics, the economy, and various topics, but this is nothing compared to his venture capitalist and author attributes. David has invested as an angel investor for 20 years in world-famous tech businesses like Facebook, Airbnb, Uber, and many others. He was even Paypal's COO and founder of Yammer. More importantly, he is one of the greatest pals with Elon Musk, the multi-billionaire Tesla founder and the D.O.G.E leader. Interestingly, he has recently shared key highlights about D.O.G.E and what is coming next. Getting back to the topic, David is the White House Crypto Czar and AI strategist under Donald Trump's second presidency. In the last 52 years, David has experienced multiple sectors, including film production, where he produced the two Golden Globes and Best Motion Picture award winner film 'Thank You for Smoking.' For all of his life, David Sacks has invested his time in the private sector but is finally getting involved with the public sector as the President's Council of Advisors on Science and Technology and the White House AI and Crypto Czar. Trump has custom-created this role role to develop crypto regulation for the $3.44B crypto industry. As per Donald Trump's official announcement, David Sacks would "Safeguard Free Speech online" and would work on legal frameworks for the crypto industry so that it and AI could thrive in the US. Interestingly, David Sacks was quite critical of Donald Trump a few years ago, but that has changed this year. He began associating with Trump at the beginning of 2024 and even hosted a fundraiser for Trump. Now, he is supposed to join him in this presidency. David has already shown enthusiasm about his new role and promised to look into Operation Choke Point 2.0. However, this role limits David to an advisor position best, as David will only work to represent the crypto industry positively to Congress. Regardless, this new role is also receiving concerns and hate due to his limited experience in the public sector. Some even have commented on the conflict of interests due to the continuation of his involvement with the private sector, as he will be working part-time only. The Bloomberg report states that he is a "special government employee" who will work for around 130 days/ year. The crypto industry has shown enthusiasm about David Sacks' appointment as Crypto and AI Strategist. Crypto investors have taken it as a sign of crypto-friendly regulations. Such events pushed the Bitcoin price to $100K earlier, but the same is declining today, currently trading at $98.2k. Many crypto analysts claim that the crypto market lacks new stimulus to assist the market with further growth. Moreover, one even claimed to witness a downfall to Donald Trump's inauguration in January 2025. However, despite the outcome, the market does show enthusiasm around Trump revealing his pick for his presidency. Now, the biggest stimulus will be Gary Gensler's resignation in January.

Trump Appoints David Sacks as 'White House AI and Crypto Czar' to Oversee Regulation - Decrypt

President-elect Donald Trump has appointed venture capitalist David Sacks to oversee artificial intelligence and crypto policy initiatives for his second term, marking a significant shift in the U.S.'s approach to emerging technologies. Trump announced the appointment through his Truth Social platform on Thursday, positioning Sacks, co-founder of Craft Ventures LLC, to lead the newly created technology czar position. "I am pleased to announce that David O. Sacks will be the 'White House A.I. & Crypto Czar,'" Trump said in his post. "He will safeguard free speech online and steer us away from Big Tech bias and censorship. 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." David will also lead the Presidential Council of Advisors for Science and Technology, Trump said. Sacks is set to guide policy for both AI and crypto, which Trump notes are "two areas critical to the future of American competitiveness." The appointment supports Trump's shifting stance on digital assets, contrasting with his previous skepticism when he described Bitcoin as "highly volatile and based on thin air" during his first term. Trump's campaign has since embraced crypto-friendly policies, promising regulatory clarity for the industry. Sacks, a prominent Silicon Valley figure and Trump supporter, has been instrumental in bridging the gap between technology leaders and the Trump campaign. He previously hosted a major fundraising event at his San Francisco residence in June. He has also maintained close ties with Vice President-elect JD Vance, who worked as a venture capitalist before serving as Ohio senator. "David has the knowledge, business experience, intelligence, and pragmatism to MAKE AMERICA GREAT in these two critical technologies," Trump added in a separate Truth Social post. The role is expected to establish direct communication channels between the White House and federal regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission. Specifically, the liaison position is geared toward facilitating the development of clear regulatory frameworks for digital assets. Sacks publicly endorsed Trump's presidential bid in June, citing the former president's economic policies, foreign affairs approach, and border control measures as key factors. The venture capitalist has expressed concerns about inflation, advocating for a diplomatic resolution to international conflicts and reform of what he describes as partisan-driven legal actions. The appointment comes as the crypto industry has faced increasing scrutiny from federal regulators in recent years with demands for clearer guidelines for operation within the U.S. Regulatory discussions on AI safety and guardrails for mass use are also on the table, with one bill getting vetoed by California Governor Gavin Newsom in September.

Picking Sacks as 'AI and crypto czar' signals Trump's pro-industry stance

David Sacks, a prominent Silicon Valley investor, has pushed President-elect Donald Trump to embrace cryptocurrency and artificial intelligence. President-elect Donald Trump's decision to appoint a chief adviser on artificial intelligence and cryptocurrency presages an industry-friendly posture toward the emerging technologies. David Sacks, a prominent Silicon Valley investor with deep ties to billionaire Elon Musk, will take the newly created role of "White House AI and crypto czar," Trump announced Thursday night. "David will focus on making America the clear global leader in both areas," Trump said in a post on his social network, Truth Social. "He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship." Sacks will also lead the Presidential Council of Advisors for Science and Technology, he said. While Trump did not offer specifics on what the role will entail, his choice of Sacks suggests a bullish approach to AI and crypto after the Biden administration, which sought ways to rein them in. Sacks invests in both AI and crypto start-ups through his venture capital firm, Craft Ventures. It also underscores the influence of Musk, with whom Sacks worked at PayPal in its early years and has remained close. The two corresponded privately about Musk's plan to buy Twitter in 2022, and Musk stayed at Sacks's home in the days after the deal closed while enlisting him to help overhaul the company, according to Walter Isaacson's 2023 biography of Musk. "David Sacks is an extremely successful entrepreneur and investor who will guide policy for the second administration in artificial intelligence and cryptocurrency, crucial to the future of American competitiveness," said Brian Hughes, spokesman for the Trump-Vance transition team. "President Trump and David will work together to Make America Great in crypto and AI." The Trump transition team declined to offer further details on the nature of Sacks's role, which has not existed in previous administrations. Sacks did not respond to a request for comment through his venture capital firm on whether he would file the financial disclosure forms required of many presidential appointees. Sacks is a familiar and somewhat polarizing figure in tech circles. Born in Cape Town, South Africa and raised in Tennessee, he attended Stanford University, where he and Peter Thiel bonded over their disgust with what they saw as political correctness. After graduating, Sacks and Thiel co-wrote the 1995 polemic "The Diversity Myth," and both have continued to oppose what Sacks in 2021 called "the tyranny of woke progressivism." In 1999, Sacks became chief operating officer of the start-up co-founded by Thiel that would become PayPal, helping to guide it to a successful public offering in 2002 before eBay acquired it for $1.5 billion later that year. He later co-founded the messaging and collaboration app Yammer, which Microsoft bought for $1.2 billion in 2012. In 2016, he became interim CEO of Zenefits, which provided human resources software to companies, at a time when the company was in trouble with regulators. He oversaw layoffs and regulatory settlements before being replaced in 2017. Sacks's public profile has grown in recent years thanks to the success of All In, the wide-ranging podcast he co-hosts with three other venture capitalists, who call themselves "the besties." The show initially focused on the technology industry, but now often ranges into politics, helping to set the tone for the tech elite's recent rightward turn. In 2021, Sacks helped finance a successful campaign to recall San Francisco's liberal district attorney, Chesa Boudin, establishing himself as a political power player. In 2023, he worked with Musk to help launch Florida Gov. Ron DeSantis's presidential campaign, serving as moderator of a live Twitter interview between Musk and DeSantis that was plagued by technical glitches. Sacks has also been an outspoken critic of U.S. support for Ukraine, a stance with which Musk has concurred. In June, Sacks endorsed Trump for president and hosted Trump for a fundraising dinner at his palatial home on San Francisco's "Billionaires' Row." Later that month, an "All In" episode featured Trump, who said the United States must dramatically boost energy production to fuel an ongoing boom in AI, which sucks up huge amounts of electricity. Along with Thiel and others, Sacks pushed successfully for Trump to choose JD Vance as his running mate. Sacks also influenced Trump to reverse his stance on cryptocurrency, which Trump had called a "scam" and a "disaster waiting to happen" during his first term. After Sacks and other wealthy donors complained to Trump about the Biden administration's strict regulations on the technology and urged him to take up a pro-crypto mantle, the Republican Party adopted a Trump-edited platform that made support for cryptocurrency its top tech policy priority. That platform also called for the repeal of President Joe Biden's 2023 executive order on AI, which placed new safety obligations on AI developers and called on federal agencies to mitigate its risks while encouraging its development. Following Trump's election, OpenAI called for massive new AI subsidies. While that would seem to align with Trump's and Sacks's intentions, OpenAI may also have reason to be nervous about Sacks's appointment given his friendship with Musk, whom Trump has also tapped as a top adviser, and Sacks's past expressions of support for "open-source" approaches to AI that make it easier for upstarts to compete with OpenAI's products. Musk co-founded OpenAI but later broke with the organization and is now suing it over what he calls a betrayal of its original mission and nonprofit status. OpenAI has responded with emails that it says show Musk tried to take control of the company and merge it with Tesla. On Thursday night, OpenAI CEO Sam Altman posted on Musk's X, "congrats to czar @DavidSacks!" Musk replied with a laughing emoji. Elizabeth Dwoskin contributed to this report.

Who is David Sacks, Trump's crypto and AI czar?

The second Trump administration is poised to be a powerful ally for the crypto industry. President-elect Donald Trump spoke highly of cryptocurrencies on the campaign trail, and his cabinet picks reflect that, with former PayPal executive David Sacks set to serve as Trump's crypto and artificial intelligence czar. Makena Kelly, senior politics reporter for Wired, joins CBS News to dig into Sacks' background.

Trump names former PayPal executive David Sacks as AI, crypto czar

President-elect Donald Trump on Thursday said he was appointing former PayPal chief operating officer David Sacks as his "White House A.I. & Crypto Czar," another step towards overhauling U.S. policy. "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 said in a post on his social-media site Truth Social, without saying whether "czar" was an official title. The crypto czar and other officials in Trump's incoming administration such as the chairs of the Securities and Exchange Commission and Commodity Futures Trading Commission are expected to reshape U.S. policy on digital currency along with a newly created crypto advisory council. Trump's tech backers generally want minimal regulation around artificial intelligence and cryptocurrencies such as bitcoin, saying Washington would throttle growing innovative sectors with excessive rules. Elad Gil, an entrepreneur who has invested in companies such as Airbnb and the cryptocurrency platform Coinbase, called the choice of Sacks a "strong move" in a post on X. OpenAI CEO Sam Altman congratulated Sacks on X. "Sacks will likely have a light touch on regulation, but not without some guardrails," Steve Jang, founder of Kindred Ventures, told Reuters. Jang has co-invested with Sacks in both cryptocurrency and AI startups. He predicted that Sacks would prioritize regulating how AI is used in certain critical applications instead of focusing on regulating the development of the AI models themselves. This distinction was a key point of contention for Silicon Valley investors who vehemently opposed California's unsuccessful SB 1047 bill, which sought to regulate AI model development. Trump announced on Wednesday that he was nominating prominent Washington lawyer and crypto advocate Paul Atkins to lead the SEC, in a move celebrated by the industry. Trump - who once labeled crypto a scam - embraced digital assets during his campaign, promising to make the U.S. the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin. Bitcoin broke $100,000 for the first time on Wednesday night, a milestone hailed even by skeptics as a coming-of-age for digital assets as investors bet on a friendly U.S. administration to cement the place of cryptocurrencies in financial markets. Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, described the news as extremely bullish. "David has had somewhat of a hands-on approach to crypto over the years, at times holding coins such as Solana. He appears to be a lot more technically and commercially competent regarding crypto than most would think," Dibb said. Born in South Africa, Sacks, 52, is a co-founder of venture capital firm Craft Ventures and an early leader of PayPal, a payment processing firm acquired by eBay in 2002. U.S. consumers say they're struggling:Tariffs will make inflation much worse. Sacks is considered a member of the "PayPal Mafia" of former workers and executives at the digital finance firm, including prominent Trump supporters Peter Thiel and Elon Musk. Musk, the Tesla CEO who leads artificial intelligence startup xAI, is a crypto fan and was appointed by Trump as co-lead of the new Department of Government Efficiency. The advisory board to streamline government is nicknamed DOGE, the name of a cryptocurrency. Sacks is also a former chief executive of software company Zenefits and founded Yammer, a social network for enterprise users. He was an early evangelist of cryptocurrencies, telling CNBC in a 2017 interview that he believed the rise of bitcoin, the world's largest cryptocurrency, was revolutionizing the internet. "It feels like we are witnessing the birth of a new kind of web. Some people have called it the decentralized web or the internet of money," he said. Trump said Sacks will also lead a White House advisory council on science and technology.

Donald Trump says David Sacks will be the 'White House A.I. & Crypto Czar'

President-elect Donald Trump says that VC and All-In Podcast co-host David Sacks will be the "White House A.I. & Crypto Czar." The appointment of Sacks, who hosted a $300,000-a-person dinner at his mansion to fundraise for Trump's campaign this past July, follows fellow PayPal Mafia member Elon Musk's appointment to co-lead the "Department of Government Efficiency." According to Bloomberg, like Musk, Sacks will be "a special government employee" who can serve up to 130 days a year without divesting or publicly disclosing his assets. It also comes a day after Trump announced former Republican Securities and Exchange Commissioner Paul Atkins will lead the SEC. Here's what Sacks will be tasked with in his role, according to the post: In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas. He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship. 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 says Sacks will also head up the Presidential Council of Advisors for Science and Technology, an independent advisory committee that exists today. In a second Truth Social post, Trump highlighted Sacks' history at PayPal and his founding of Yammer.

Trump names David Sacks as White House AI and crypto czar By Investing.com

Investing.com-- U.S. President-elect Donald Trump on Thursday named venture capitalist David Sacks as the White House AI & Crypto Czar, where he will guide government policy on the two industries. Trump said Sacks "has been an extremely successful entrepreneur," and that he had the acumen in the two "critical" industries. "David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas," Trump said in a social media post. "...he will work on a legal framework so the crypto industry has the clarity it has been asking for, and can survive in the U.S.," Trump said. Sacks, a former Paypal executive, has angel investments in several major firms including Facebook (NASDAQ:META), Uber (NYSE:UBER), SpaceX, Airbnb and Palantir (NASDAQ:PLTR) through his Craft Ventures fund. His enterprise software company Yanmer was acquired by Microsoft (NASDAQ:MSFT) for over $1 billion in 2012. He also hosts the All In podcast along with Chamath Palihapitiya, Jason Calacanis and David Friedberg Trump said that Sacks will also help safeguard online free speech and steer the country away from "Big Tech bias and censorship." Sacks had openly supported Trump during the 2024 election, and is also in support of digital assets. Sacks' appointment comes as speculation over Trump's crypto-friendly policies drove Bitcoin to record highs above the coveted $100,000 level. Trump named pro-crypto lawyer Paul Atkins as the next Chair of the Securities and Exchange Commission.

Trump names David Sacks as AI, crypto czar

President-elect Trump said Thursday that venture capitalist David Sacks will serve as the White House artificial intelligence (AI) and cryptocurrency czar. In the newly created role, Sacks will lead the administration's policy on AI and crypto, which will include developing a legal framework for the crypto industry, Trump said in a Truth Social post. "David will focus on making America the clear global leader in both areas," the president-elect said. "He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship." Sacks will also lead the Presidential Council of Advisors for Science and Technology, Trump said. "David has the knowledge, business experience, intelligence, and pragmatism to MAKE AMERICA GREAT in these two critical technologies," he added. Sacks was an early member of PayPal alongside tech mogul and key Trump ally Elon Musk. The two are part of a larger group of tech founders, including former PayPal CEO Peter Thiel and LinkedIn co-founder Reid Hoffman, often referred to as the PayPal Mafia. The new position, along with several of Trump's recent Cabinet appointments, signal his relatively new embrace of crypto. Despite once dismissing crypto as a "scam," Trump courted the industry during the election and declared that he would make the U.S. the "crypto capital of the planet." Trump also announced on Thursday that former Securities and Exchanger Commissioner Paul Atkins would return to lead the agency in his administration -- a move that was widely celebrated by the crypto industry. Atkins currently serves as co-chair of the Digital Chamber's Token Alliance. He will replace outgoing SEC Chair Gary Gensler, who has been a key source of frustration for the crypto industry. The price of bitcoin has surged in the wake of Trump's win last month, surpassing $100,000 for the first time Wednesday. The president-elect took credit for the milestone in a post on Truth Social, saying, "CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU'RE WELCOME!!!"

Trump Appoints Venture Capitalist David Sacks As White House Crypto And AI Czar: 'He Will Work On A Legal Framework'

President-elect Donald Trump announced the appointment of renowned venture capitalist David Sacks as the "White House A.I. & Crypto Czar" on Thursday. What Happened: In a Truth Social post, Trump revealed that Sacks will guide policy for the administration in two critical areas: artificial intelligence and cryptocurrency. Trump emphasized the importance of these sectors to the future of American competitiveness. "David will focus on making America the clear global leader in both areas. He will safeguard free speech online and steer us away from big tech bias and censorship," Trump wrote. Regarding the cryptocurrency industry, Trump said that Sacks will develop a legal framework, providing the clarity it has been seeking and fostering its growth in the U.S. "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." See Also: Pepe Trailing Only Dogecoin In Trading Volume: What Prices Whale Traders Are Targeting Why It Matters: The appointment of a dedicated AI & Crypto Czar at the White House signified the growing importance of these sectors in the U.S. economy. Sacks actively endorsed Trump for the presidency and, along with fellow VC Chamath Palihapitiya, hosted a fundraiser at his residence, which ended up raising $12 million for Trump's campaign. Interestingly, it was from here that Trump positioned himself as the "crypto president," paving the way for industry backing and triggering a mega bull rally that saw Bitcoin BTC/USD hit the historic $100,000 milestone. Image via Flickr/ TechCrunch Read Next: EXCLUSIVE: VOLT ETF Taps $7 Trillion Electrification Boom Fueled By AI Power Demand Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs

Trump says venture capitalist David Sacks will be AI and crypto 'czar'

Paul Chinn | San Francisco Chronicle | Hearst Newspapers via Getty Images Venture investor and podcaster David Sacks will join the Trump administration as the "White House A.I. & Crypto Czar," President-elect Donald Trump announced on Truth Social on Thursday. Sacks will guide the administration's policies for artificial intelligence and cryptocurrency, Trump wrote. Some of that work includes creating a legal framework for crypto, as well as leading a presidential council of advisors on science and technology. "David will focus on making America the clear global leader in both areas," Trump wrote. "He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship." The appointment signals that the second Trump administration is rewarding Silicon Valley figures who supported his campaign. It also indicates that the administration will push for policies that cryptocurrency entrepreneurs generally support. Sacks became a major Trump booster earlier this year, hosting a fundraiser for the then-Republican nominee at his San Francisco mansion. Tickets sold for $50,000 a head, with a $300,000 tier that included perks like a photo with Trump. It was a stark change of tone for Sacks, who was sharply critical of Trump after the Capitol riot on Jan. 6, 2021. Sacks said on an episode of his All-In podcast soon after that Trump was "clearly" responsible for the events of Jan. 6, and that he had "disqualified himself from being a candidate at a national level." In July, Sacks spoke at the Republican National Convention in Milwaukee. Sacks is a venture capitalist and entrepreneur who sold Yammer, to Microsoft for $1.2 billion in 2012. He's also affiliated with the "PayPal mafia," an unofficial club of prominent technology figures and investors, including Elon Musk and Peter Thiel, who worked at PayPal in the 1990s. In recent years, Sacks has been best known for hosting the All-In podcast alongside fellow investors Chamath Palihapitiya, Jason Calacanis, and David Friedberg. In his post, Trump called it the "top podcast in Tech, where he and his friends discuss economic, political and social issues."

Crypto evangelist David Sacks will serve as Trump's AI and cryptocurrency advisor

Donald Trump has picked a crypto bull to advise him on AI and cryptocurrency policy. On Thursday evening, the president-elect took to Truth Social to share that he was appointing former PayPal COO David Sacks to serve as his "White House A.I. & Crypto Czar." Trump said Sacks would also lead the Presidential Council of Advisors for Science and Technology. "David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas," Trump wrote, adding Sacks would "safeguard Free Speech online, and steer us away from Big Tech bias and censorship." As an appointee to one of the president's advisory councils, Sacks does not need to go through the usual Senate confirmation process required for cabinet picks and federal agency leads. Sacks does not have previous government experience. Trump instead highlighted his business credentials, pointing to his tenure at PayPal and later Yammer, which Sacks founded in 2008 and Microsoft acquired in 2012 for $1.2 billion. Sacks is also a close confidant of Elon Musk and provided part of the funding Musk used to buy Twitter for $44 billion in 2022. Sacks has broadly advocated for smaller government and less regulation, though he also pushed hard for the Biden administration to intervene when Silicon Valley Bank became insolvent in 2023. "Where is Powell? Where is Yellen?" Sacks tweeted before regulators moved to fully protect deposits at SVB. "Stop this crisis NOW. Announce that all depositors will be safe. Place SVB with a Top 4 bank. Do this before Monday open or there will be contagion and the crisis will spread." Alongside Paul Atkins, who Trump picked to lead the US Securities and Exchange Commission, Sacks is likely to reshape US policy on cryptocurrency and AI. Under the Biden administration, the federal government sought to regulate the crypto industry. Sacks, however, is a vocal proponent of the industry. He is also a major investor in Solana and other crypto-related ventures such as Multicoin Capital. As for Trump, appointing Sacks to his advisory council shows just how much his stance on crypto has changed. As recently as 2021, he said he thought Bitcoin seemed "like a scam," and advocated for "very, very high" government regulation of the currency. That was before the crypto industry funneled $131 million during the 2024 election to get 274 pro-crypto candidates elected to the House of Representatives and 20 candidates to the Senate. During his campaign, Trump promised to make the United States "the crypto capital of the planet."

Trump Names VC Investor Sacks White House AI, Crypto Czar

President-elect Donald Trump has appointed venture investor and podcaster David Sacks as the "White House A.I. & Crypto Czar," indicating that his second administration will focus on the hot technology and cryptocurrencies. Trump said on his Truth Social platform Thursday night that Sacks, the co-host of the popular "All-In" podcast, will "guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness." According to The New York Times, Sacks is a close friend of Trump ally and Tesla (TSLA) Chief Executive Officer (CEO) Elon Musk, and has been a proponent of looser regulation on both cryptocurrency and artificial intelligence (AI). The announcement came a day after bitcoin (BTCUSD) surpassed $100,000 on investor expectations of a friendlier White House regime toward crypto, and AI-focused stocks like chipmaker Nvidia (NVDA) have propelled this year's record rally in U.S. markets. "David will focus on making America the clear global leader in both areas. He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship," Trump wrote. "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." Sacks was PayPal Holdings' (PYPL) Chief Operating Officer (COO) at its founding when Musk was the payments company's biggest shareholder. Sacks later sold Yammer, his enterprise software company, to Microsoft for $1.2 billion in 2012 and then set up venture capital firm Craft Ventures.

Trump says venture capitalist David Sacks will be AI and crypto 'czar'

Sacks, a venture capitalist, will guide the Trump administration's policies for artificial intelligence and help create a legal framework for cryptocurrency. Venture investor and podcaster David Sacks will join the Trump administration as the "White House A.I. & Crypto Czar," President-elect Donald Trump announced on Truth Social on Thursday. Sacks will guide the administration's policies for artificial intelligence and cryptocurrency, Trump wrote. Some of that work includes creating a legal framework for crypto, as well as leading a presidential council of advisors on science and technology. "David will focus on making America the clear global leader in both areas," Trump wrote. "He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship." The appointment signals that the second Trump administration is rewarding Silicon Valley figures who supported his campaign. It also indicates that the administration will push for policies that cryptocurrency entrepreneurs generally support. Sacks became a major Trump booster earlier this year, hosting a fundraiser for the then-Republican nominee at his San Francisco mansion. Tickets sold for $50,000 a head, with a $300,000 tier that included perks like a photo with Trump. It was a stark change of tone for Sacks, who was sharply critical of Trump after the Capitol riot on Jan. 6, 2021. Sacks said on an episode of his All-In podcast soon after that Trump was "clearly" responsible for the events of Jan. 6, and that he had "disqualified himself from being a candidate at a national level." In July, Sacks spoke at the Republican National Convention in Milwaukee. Sacks is a venture capitalist and entrepreneur who sold Yammer, to Microsoft for $1.2 billion in 2012. He's also affiliated with the "PayPal mafia," an unofficial club of prominent technology figures and investors, including Elon Musk and Peter Thiel, who worked at PayPal in the 1990s. In recent years, Sacks has been best known for hosting the All-In podcast alongside fellow investors Chamath Palihapitiya, Jason Calacanis, and David Friedberg. In his post, Trump called it the "top podcast in Tech, where he and his friends discuss economic, political and social issues."

Donald Trump Names David Sacks as White House AI and Crypto Czar

US President-elect Donald Trump has appointed David Sacks, former Chief Operating Officer of PayPal, as the White House Artificial Intelligence and Cryptocurrency Czar. The announcement, made via Trump's post on Truth Social, signals the administration's intent to establish clear regulatory frameworks for digital assets and foster innovation in the cryptocurrency sector. Sacks will spearhead efforts to craft a comprehensive legal framework to provide clarity and stability for the cryptocurrency industry. Trump highlighted the role as pivotal to creating an environment where digital currencies can thrive, aiming to position the United States as the global leader in crypto adoption and development. This appointment marks a notable shift in Trump's stance on cryptocurrency. Once critical of digital currencies, labeling them a "scam," Trump adopted a more crypto-friendly approach during his campaign, pledging to make the US the "crypto capital of the planet." He also proposed the creation of a national bitcoin stockpile, signaling his administration's broader commitment to integrating cryptocurrencies into the financial system.

Who is David Sacks? Meet Trump's new AI and crypto czar

President-elect Donald Trump tapped David Sacks to be his new man on artificial intelligence (AI) and crypto. Here's what we know. US President-elect Donald Trump has picked his new head of artificial intelligence (AI) and crypto: David Sacks. Sacks will guide policy for Trump's second term on both issues, which Trump described as "two areas critical to the future of American competitiveness," on his social media platform, Truth Social. Among other things, Sacks will "safeguard free speech online" and steer the US away from "Big Tech bias and censorship," Trump wrote. Sacks' mandate will also include a legal framework for the US crypto industry so that it has the "clarity it has been asking for," the president-elect added. The AI and crypto czar will also lead what Trump is calling the Presidential Council of Advisors for Science and Technology, a council that works with each administration to advise the President on science and technology. "[Sacks] has the knowledge, business experience, intelligence, and pragmatism to MAKE AMERICA GREAT in these two critical technologies," Trump wrote. Straight after finishing his law degree at the University of Chicago in 1998, Sacks worked as a management consultant for McKinsey & Company but left after a year to join e-commerce startup Confinity, along with Peter Thiel, an ally of Vice President-elect JD Vance. Sacks was the head of product at Confinity's PayPal, where he built the company's key teams before the company went public in the early 2000s. The company was eventually bought by eBay for $1.5 billion, according to media reports at the time. Trump noted in his description of Sacks that he's part of the "PayPal Mafia," a group of early founders of the company that have gone on to grow some of the biggest tech ventures in Silicon Valley. Sacks moved on to a career in Hollywood after PayPal was acquired, by financing and producing the political satire Thank You For Smoking, which was nominated for two Golden Globes in 2007 including 'Best Motion Picture - Comedy or Musical.' But Sacks didn't leave Silicon Valley behind completely. In 2008, Sacks founded Yammer, a social networking platform between companies. Yammer was eventually acquired by Microsoft in 2012 for $1.2 billion as part of its package of offers, according to a TechCrunch report at the time. By 2017, Sacks had co-founded Craft Ventures in San Francisco, where he has invested in over 20 unicorn companies like Airbnb, Eventbrite, Meta (Facebook), Lyft, Postmates, Reddit, Slack and SpaceX, according to his biography on his venture's website. Sacks also hosts the "All-In Podcast," alongside Chamath Palihapitiya, Jason Calacanis, and David Friedberg where they talk about technology, economy, politics and social issues. The South African-American tech entrepreneur and film producer was born to a Jewish family in Cape Town and moved to the United States at five years old, according to a 2012 Los Angeles Times profile of him.

Who Is David Sacks, Trump's Pick for 'AI and Crypto Czar'?

Hawk Tuah Girl's Crypto Team Short on Answers After Disastrous Meme Coin Bust On Thursday evening, President-elect Donald Trump once again took to Truth Social to announce a hire for his incoming administration: David O. Sacks, he wrote, would fill the newly created role of "White House A.I. & Crypto Czar," and work to make the U.S. "the clear global leader in both areas." Trump also promised that Sacks' guidance would "safeguard Free Speech online, and steer us away from Big Tech bias and censorship," suggesting that he might have a say on internet policy more broadly. In a response, Sacks wrote that he was "honored and grateful" to receive the appointment, adding, "I look forward to advancing American competitiveness in these critical technologies," and that under Trump's leadership, "the future is bright!" But just who is Sacks, this Trump backer out of Silicon Valley who will soon be installed in a high post under Trump without the need for Senate confirmation? In the simplest terms, he's one of the many tech tycoons who saw a second Trump term as a golden opportunity to reshape the government's relationship with their industry. Like his close friend Elon Musk, Sacks is currently in his early 50s and immigrated to the U.S. from South Africa. He and Musk are both members of the "PayPal Mafia," a group of entrepreneurs who worked at the company before its acquisition by eBay in 2002 and went on to build fortunes by founding and investing in other tech startups. (Before serving as product lead and chief operations officer at PayPal, Sacks worked at the management consulting firm McKinsey & Company.) Over the past two decades, Sacks has led or founded a handful of companies but is perhaps better known as an angel investor in businesses including Uber, Facebook, and Airbnb. He also has stakes in Musk's SpaceX and Palantir Technologies, which specializes in data analytics software and was co-founded by billionaire Peter Thiel, one of Trump's earliest major donors in Silicon Valley and another member of the PayPal mafia. Both companies have extensive government contracts, with Palantir supplying AI-enabled surveillance and data-mining platforms to the Pentagon and Immigration and Customs Enforcement. Sacks co-founded Craft Ventures, a venture capital fund, in 2017. Sacks has undergone something of a political evolution, donating money first to Republican presidential nominee (and current senator) Mitt Romney in 2012, then Democratic nominee Hillary Clinton in 2016, when she ran against Trump. He also contributed to the 2018 gubernatorial campaign of Democratic California Gov. Gavin Newsom. But by 2022, he was bankrolling hard-right Senate hopefuls such as Blake Masters and now Vice President-elect JD Vance (a Thiel protégé in his own venture capital days who retains close ties to the Silicon Valley scene that Sacks represents). When Florida Gov. Ron DeSantis launched his 2024 presidential bid in a glitch-addled audio event on Twitter Spaces -- prior to Musk rebranding the platform as "X" -- it was Sacks serving as moderator. As with Musk, he donated to DeSantis before ultimately endorsing Trump (though he also donated to third-party candidate Robert F. Kennedy Jr.), and the pair held a secretive Hollywood dinner of rich elites opposed to President Joe Biden in April. He also hosted a fundraiser for Trump at his San Francisco home in June. There's yet another similarity with Musk: Sacks is extremely online, hosting the influential business and tech podcast All-In alongside three fellow VCs, and posting prolifically on X. In both formats, Sacks has veered toward the "anti-woke" culture war politics that have animated the MAGA movement and informed Musk's electoral influence as Trump's largest megadonor. He rails against diversity, equity, and inclusion (DEI) initiatives, complains about supposedly "open borders," attacks legacy media, and claims that leftists hate freedom of speech. But whatever his feelings on those issues, Sacks clearly believes that Trump will be a boon for him and his allies in the tech world. An early and vocal proponent of cryptocurrency, he was pleased by Trump's shameless courtship of the executives and investors in the space. This group -- Sacks included -- had been incensed by Biden and an ongoing crypto "crackdown" by his SEC chair, Gary Gensler, and spent tens of millions to elect Trump and other Republicans. Trump vowed to fire Gensler on day one and replace him with a crypto-friendly appointee, whom he indeed announced on Wednesday: Paul Atkins, an advocate of digital currencies sure to take a lighter hand in regulating the industry. Crypto assets have rocketed upward in value since Trump's election, with bitcoin surging to $100,000 for the first time ever. On the AI side, it will also be advantageous for Sacks and his allies to have the president's ear as the government considers regulatory frameworks for the accelerating technology. Craft Ventures is an investor in Musk's own AI company, xAI, while both Sacks and Musk have become bitter critics of rival company OpenAI, which developed ChatGPT. Musk co-founded and funded OpenAI in 2015 but stepped away a few years later and is now pursuing a wide-ranging federal lawsuit against it, alleging that it conspired with multibillion-dollar investor Microsoft to break antitrust laws as it sought to transform from a nonprofit into a for-profit business. After rival OpenAI CEO Sam Altman congratulated Sacks on the czar position in an X post Thursday, Musk replied with a laugh-crying emoji. The conflicts of interest arising from Sacks' White House job look as if they will be nothing out of the ordinary in Trump's second administration. Musk and businessman Vivek Ramaswamy's nebulous advisory commission-to-be, the Department of Government Efficiency (or DOGE), has already targeted federal spending and regulatory agencies in ways likely to benefit their own companies and those of friends across the sectors of transit, tech, pharmaceuticals, banking, and crypto. No doubt Sacks, too, will have some self-interested input on DOGE's recommendations for hacking away at government institutions. All in all, then, Sacks is but one more more wealthy player who stands to get richer by trying to steer Trump one way or the other on decisions that affect his bottom line. Conveniently, enough crypto moguls, tech CEOs, and VCs aligned on this vision to create a formidable faction of donors -- one that Trump would virtually guarantee free rein once they had propelled him to the Oval Office. Trying to predict what will happen to the nation under another four years of his executive power is a tricky game, though if anything seems like a sure bet, it's that Sacks, Musk, and their pals are going to get whatever they want.

Trump names former PayPal exec David Sacks as his White House AI and cryptocurrency 'czar'

WASHINGTON - President-elect Donald Trump on Thursday named venture capitalist and former PayPal Chief Operating Officer David Sacks as a top White House advisor on artificial intelligence and cryptocurrency issues. In a Truth Social post, Trump said that Sacks will guide policy and "focus on making America the clear global leader" on two topics that have rocketed to the forefront of policy discussions around technology and the global economy. Sacks will also lead the Presidential Council of Advisors for Science and Technology, a group that makes science, technology and other innovation policy recommendations to the White House. "He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship. 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 added in the social media post announcing the appointment of his so-called "White House A.I. & Crypto Czar." Sacks was once a vocal Trump critic, saying on an episode of his "All-In" podcast that the former and future president was "clearly" responsible for the Jan. 6, 2021, Capitol riot. "I think he's disqualified himself from being a candidate at a national level again," he said at the time. However, Sacks' views have since changed, hosting a fundraiser for Trump at his San Francisco home in June with tickets being sold for $50,000 per person, according to NBC News. He wrote in a post on X, formerly Twitter, at the time that President Joe Biden had "veered badly of course" on the economy, foreign policy, the border and lawfare, and that Trump would lead Americans back. Sacks is a member of an exclusive group of former PayPal founders and employees that includes Elon Musk. The 52-year old entrepreneur who was born in South Africa also founded and worked as CEO of Yammer, an enterprise social networking service, which Microsoft acquired for $1.2 billion in 2012. He also founded Craft Ventures, a venture capitalist firm, in 2017. "David has the knowledge, business experience, intelligence, and pragmatism to MAKE AMERICA GREAT in these two critical technologies," Trump said. Sacks' hiring came a day after Trump nominated Paul Atkins, a former federal regulator and cryptocurrency industry ally, to lead the Securities and Exchange Commission.

David Sacks named crypto czar: Can he push Bitcoin further?

President-elect Donald Trump has appointed David Sacks, a venture capitalist and former PayPal executive, as the White House's artificial intelligence and cryptocurrency czar. Sacks, who is also a co-host of the All-In podcast, has long supported Trump and will focus on shaping policies in these vital technology sectors. Trump's administration aims to provide clarity for the crypto industry and strengthen American leadership in AI. Sacks's appointment marks a significant alignment between Trump's administration and Silicon Valley, traditionally a Democratic stronghold. In a post on his social media platform, Truth Social, Trump praised Sacks, stating, "David has the knowledge, business experience, intelligence and pragmatism to MAKE AMERICA GREAT in these two critical technologies." He emphasized that Sacks would work on creating a legal framework to foster growth in the cryptocurrency sector. The crypto landscape has seen a surge following Trump's election, with Bitcoin soaring past $100,000 shortly after the nomination of Paul Atkins to lead the Securities and Exchange Commission. This selection shows a move towards a more favorable regulatory environment for cryptocurrencies compared to the Biden administration, which many in the tech industry consider stringent. Sacks's position as czar consolidates oversight of both artificial intelligence and cryptocurrency, rather than separating the roles. Trump signaled his intention to promote a more permissive regulatory stance, acknowledging the call for clarity from industry stakeholders. As a venture capitalist leading Craft Ventures, Sacks's perspectives on technology policy are informed by his active participation in Silicon Valley discussions. In his previous term, Trump issued an executive order aimed at enhancing U.S. leadership in AI, though specific strategies have yet to be fully articulated under his incoming administration. While Sacks has asserted that his new role will not conflict with his venture capital endeavors, the full scope of his commitment remains uncertain. Sacks has been a prominent voice advocating for increased engagement in political matters among Silicon Valley executives. He has publicized his views on foreign policy and national interests, notably suggesting that Ukraine should negotiate with Russia for a ceasefire. Through his podcast and social media presence, he has cultivated a significant following within conservative circles. His close ties to Elon Musk, a key figure in tech innovation, further reinforce the connections between the Trump administration and the tech elite. Sacks has supported various Musk ventures, including xAI, X, and SpaceX. The inclusion of figures from the tech sector demonstrates a shift in the Republican approach, seeking to better integrate with an industry often at odds with GOP principles. As Sacks steps into this role, he joins a cadre of influential tech leaders close to Trump, highlighting growing alignment between the administration and conservative interests within the industry. Meanwhile, many tech leaders continue to express concerns over the regulatory approaches from recent administrations. There is an ongoing appetite among conservative technologists for a freshly minted pro-innovation agenda. Sacks's pro-crypto stance and focus on creating a clearer regulatory framework could encourage institutional adoption and investment, possibly fueling Bitcoin's continued rise. His alignment with Trump's agenda for tech innovation and his connections within Silicon Valley might further catalyze favorable policies. However, the market's response will depend on how these strategies unfold and whether Sacks can deliver the promised balance between innovation and regulation. Disclaimer: The content of this article is for informational purposes only and should not be construed as investment advice. We do not endorse any specific investment strategies or make recommendations regarding the purchase or sale of any securities.

The Crypto Industry Hails David Sacks, Its New 'Czar'

David Sacks, a member of the infamous "PayPal Mafia," will lead a group of advisors tasked with steering AI and crypto policy under the Trump administration. US President-elect Donald Trump has appointed venture capitalist and former PayPal executive David Sacks as "White House AI & Crypto Czar," a newly-created role meant to establish the country as the global leader in both fields. Members of the cryptosphere have gathered to congratulate their new czar, a Trump loyalist from Silicon Valley who has previously expressed enthusiasm for crypto technologies and invested in crypto startups. The appointment is being celebrated by crypto executives and policy wonks as "bullish" for the industry, which under the previous administration was bombarded with lawsuits by US regulators. On X, Gemini chief legal officer Tyler Meader wrote, "At long last, a rational conversation about crypto can be had." Others have speculated that the dual-faceted nature of the role, covering both AI and crypto, could set the tone for experimentation around potential synergies between the two disciplines. Among VCs, "[Sacks] was very early in noting the importance of crypto to AI," says Caitlin Long, CEO at crypto-focused bank Custodia. In his announcement, Trump wrote that the two areas were "critical to the future of American competitiveness." "There is no better person than David Sacks to help steer the future of crypto and AI innovation in America," says John Robert Reed, partner at crypto focused VC firm Multicoin Capital. "He's a principled entrepreneur and brilliant technologist that deeply understands each of these industries and where they intersect. "Initial reactions from the crypto industry on [the] Sacks appointment has been positive. Given his purview as a venture capitalist, he's seen a lot of the innovation in crypto and AI that has been stunted in growth due to various political or regulatory issues the past few years," says Ron Hammond, director of government relations at the Blockchain Association. "What remains to be seen is how much power the czar role will even have and if it will be more a policy driver position vs a policy coordinator role." In an X post, Sacks expressed his gratitude to Trump. "I am honored and grateful for the trust you have placed in me. I look forward to advancing American competitiveness in these critical technologies," he wrote. "Under your leadership, the future is bright." In his role as czar, Sacks will lead a council of science and technology advisors responsible for making policy recommendations, Trump says. He will also develop a legal framework that sets out clear rules for crypto businesses to follow -- something the industry has long demanded. That will reportedly involve working closely with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), two regulatory agencies that vied for jurisdiction over the crypto industry under the Biden administration. Earlier this week, Trump appointed crypto advocate Paul Atkins as SEC chair; members of the crypto industry contributed to the selection process, sources told WIRED in November.

Trump names venture capitalist and Elon Musk associate to be 'AI, crypto czar'

Trump made the announcement on his social media platform Truth Social while appointing Sacks, 52, to the new role of "AI & crypto czar." "In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness," Trump said in the statement. "David will focus on making America the clear global leader in both areas." By naming Sacks and creating the position, Trump is continuing the trend of fostering what analysts have described as a crypto-friendly Cabinet and filling it with loyalists and allies of himself and Musk, whom the president-elect has already tapped to co-lead a yet-to-be-created department overseeing government efficiency. Sacks, who also co-hosts the business and technology podcast All-In, is considered a member of the so-called PayPal Mafia of employees and founders of the payment processing service who would go on to develop other successful tech and venture capitalist companies. Among the members of this informal group is Musk. Sacks, 52, previously served as the chief executive officer of PayPal, which was bought by eBay in 2002, before co-founding venture capital firm Craft Ventures. Sacks, who has yet to comment on the nomination, became an important fundraiser for Trump after he endorsed the New York real estate mogul in June. Reaction to Trump's appointment was swift, with Canadian-American venture capitalist Chamath Palihapitiya, who is also a co-host of All-In, praising Sacks as the "very best of America -- - a successful entrepreneur, a principled free speech absolutist and a brilliant technologist." Tyler Winklevoss, founder of Winklevoss Capital Management and Gemini cryptocurrency exchange, also said it was an "excellent choice." "David's a multiple-time tech founder with huge successes. He knows how to build and understands policy. He was also super early in crypto and supporting Trump to make America pro-business, pro-innovation and pro-crypto," he said on X. The announcement came a day after U.S. cryptocurrency Bitcoin hit $100,000 for the first time on Wednesday, with analysts believing it was fueled by Trump's election victory last month.

Trump picks venture capitalist David Sacks as AI and crypto 'czar'

Top donor with links to Musk to offer leadership on 'two areas critical to the future of American competitiveness' Donald Trump announced on Thursday that he was nominating podcaster and former PayPal chief operating officer David Sacks to be his White House artificial intelligence and crypto czar, continuing a pattern of rewarding big donors with political power. Sacks, a venture capitalist and Silicon Valley insider, hosted big spenders at his San Francisco mansion in June to support the Trump campaign, with tickets ranging up to $300,000 a head. The event reportedly raked in more than $12m. A host of the popular podcast All-In, Sacks shares the mic with Chamath Palihapitiya, Jason Calacanis and David Friedberg in weekly episodes that focus on "all things economic, tech, political, social and poker". He has also been closely linked with Elon Musk and helped to back his bid to acquire Twitter, the social media platform renamed X. The two tech titans reportedly joined together to push the president-elect to name JD Vance as his running mate. Trump clearly heeded the advice. And now he has welcomed Sacks into the federal government to offer guidance and leadership to bolster the crypto industry and artificial intelligence, "two areas critical to the future of American competitiveness", according to Trump's post. Along with this new position as an advisor, Trump has tapped Sacks to head his council of advisors for science and technology, an independent committee of experts historically charged with helping presidents make important decisions and developing evidence-based recommendations on policy. Their work affects a range of specialized areas, from energy and the environment to public health and national security. The committee is currently co-chaired by three esteemed scientists, including Dr Arati Prabhakar, an engineer and applied physicist and former director of the National Institute of Standards and Technology. Sacks will take on a specific set of priorities, according to Trump's post, which did not delve into if science will play a part. "He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship," Trump continued. "He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the US."

Trump picks Musk ally David Sacks as crypto and AI tsar

President-elect Donald Trump has named venture capitalist David Sacks as the White House's artificial intelligence and cryptocurrency tsar, the latest confidant of Elon Musk to receive a top appointment in the new government. Sacks, who was an early employee alongside Musk at PayPal, is a co-host of the All-In podcast and emerged as one of the earliest and most vocal Silicon Valley supporters of Trump, hosting a fundraiser for the candidate in San Francisco in June. "David has the knowledge, business experience, intelligence and pragmatism to MAKE AMERICA GREAT in these two critical technologies," Trump posted on his social media platform, Truth Social. "He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the US," he added. AI and crypto regulation are two of the incoming administration's most pressing priorities. Crypto investors and founders hope Trump will take a more favourable approach to the sector than Joe Biden's administration, after the president-elect offered vocal support for digital currencies during his campaign. This week Trump nominated Paul Atkins, who is sympathetic to the sector, to head the Securities and Exchange Commission. The price of bitcoin, which has soared since the election, climbed past $100,000 for the first time on Thursday after Atkins' selection. Trump's position on AI is less clear, but in his first term he issued an executive order "committed to strengthening American leadership in AI" and many in the sector anticipate lighter regulation. Sacks threw his weight behind the candidate on social media and via his podcast during the campaign. His support earned him a speaking slot at the Republican National Convention in July. He has been vocal on foreign policy issues as well as tech concerns, including repeatedly criticising President Biden's approach to Russia's invasion of Ukraine. Sacks has argued instead for Kyiv to "cut a deal" to ensure a swift ceasefire with Moscow. His appointment creates another bond between Trump's Republican party and Silicon Valley, which has historically been a Democratic stronghold. Musk is the most prominent member of the tech elite to have taken a role in the incoming administration, but other high-profile figures such as venture capital Marc Andreessen have played informal roles such as helping to find candidates for the 'department of government efficiency'. Sacks is part of a so-called PayPal mafia, a group of founders and early employees at the payments company that includes Musk, Palantir co-founder Peter Thiel, LinkedIn co-founder Reid Hoffman and Sequoia managing partner Roelof Botha. He has deepened his connection to Musk by backing a number of the entrepreneur's companies, including xAI, X and SpaceX, through his venture capital firm Craft Ventures. Sacks in May launched his own AI chat platform called Glue. Sacks's firm said his new position will not conflict with his existing positions. "The tsar is an advisory role and has the same government classification as 'doge', which does not require David to leave Craft," the firm said.

Ex-PayPal COO David Sacks is Trump's new crypto and AI 'czar' | TechCrunch

Incoming President Donald Trump has a new crypto and AI "czar": ex-PayPal COO David Sacks. Trump announced Sacks' appointment Thursday in a post on Truth Social, Trump's social networking platform. "[Sacks] will work on a legal framework so the Crypto [sic] industry has the clarity it has been asking for, and can thrive in the US," he wrote. Sacks, a member of the so-called "PayPal Mafia," is a co-founder of Yammer, the internal communications tool that Microsoft acquired for $1.2 billion in 2012. He's also behind Craft Ventures, a VC fund that has backed startups including SpaceX, Reddit, and ClickUp. In an interview with CNBC in 2017, Sacks said he believed that cryptocurrencies like Bitcoin and Ethereum fulfill the "original vision" of PayPal: creating a "database of money" in which payments never leave the system. Sacks' views on AI and AI policymaking are less obvious, though his policies generally are decidedly right-leaning and deregulatory, which could well mean a lighter touch than the outgoing Biden administration favored.

Trump taps Elon Musk's ally and venture capitalist David Sacks as AI and crypto czar

President-elect Donald Trump has named David Sacks as the White House's artificial intelligence and cryptocurrency czar, giving the venture capitalist and vocal Republican donor influence over his administration's policies. "David will focus on making America the clear global leader in both areas. He will safeguard Free Speech online and steer us away from Big Tech bias and censorship," Trump wrote on Truth Social on Thursday night. "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." Sacks also hosts the influential business and tech "All-in" podcast with industry leaders Chamath Palihapitiya, Jason Calacanis, and David Friedberg. Although Sacks has since become a Trump supporter, he donated to rival and Democratic presidential candidate Hillary Clinton in 2016. In 2023, he was the host for Florida Gov. Ron DeSantis' glitchy presidential campaign launch on X and gave the Trump rival at least $50,000 In June, Sacks hosted a fundraiser for Trump in Silicon Valley that raised $12 million for his campaign. He also hosted Trump on the All-in Podcast and repeatedly made appeals to voters, including in the form of an essay explaining his views, citing immigration issues, the Russia-Ukraine War, and inflation as reasons not to vote for President Joe Biden, who was the Democratic nominee at the time. The following month, he made the case for Trump at the Republican National Convention. "I am honored and grateful for the trust you have placed in me," Sacks wrote in reply to Trump on Truth Social. "I look forward to advancing American competitiveness in these critical technologies. Under your leadership, the future is bright!"

David Sacks, Former PayPal COO, Appointed AI and Crypto Czar in Trump's Office

President-Elect Donald Trump announced the role, stating that Sacks will help establish a legal framework for the cryptocurrency industry and ensure the country remains a leader in AI and crypto. "I am pleased to announce that David O. Sacks will be the 'White House A.I. & Crypto Czar.' In this important role, David will guide policy for the Administration in Artificial Intelligence and cryptocurrency, two areas critical to the future of American competitiveness," said Trump on Truth Social. Many in the tech and VC community took to X to congratulate Sacks on his new post, including OpenAI chief Sam Altman, VP elect JD Vance, Replit CEO Amjad Masad, and Sequoia partner Shaun Maguire, among others. Sacks co-hosts the All-In podcast with investors Jason and Chamath Palihapitiya, who both congratulated him on his win. "He (David Sacks) will make sure the US stays at the forefront of AI and Crypto - two of the most consequential technological movements in history. Make America Great Again," wrote Palihapitiya on X. Sacks, 52, is the founder of venture capital firm Craft Ventures and was involved in the development of PayPal. He also founded Yammer and led Zenefits. His appointment does not require asset disclosure or divestment, and he will serve as a special government employee, working up to 130 days per year. The AI and Crypto Czar will act as a liaison between the crypto industry, Congress, and federal agencies such as the SEC and CFTC. The position will provide regulatory clarity for the growing crypto sector and guide policy for AI adoption, including its implications for national security, privacy, and jobs.

Trump Names Elon Musk's Pal as 'AI and Crypto Czar'

David Sacks is a former member of the PayPal mafia and currently a podcaster. President-elect Trump has announced that David Sacks will serve as his “White House A.I. & Crypto Czar,†according to a post from his account on Truth Social. Sacks is a venture capitalist and host of the “All-In†podcast known for being an outspoken Republican in Silicon Valley with views that have drawn condemnation in the past. Among those, Sacks has said that Russia reasonably attacked Ukraine for moving to join NATO, which he called a redline and an affront to Russian sovereignty. He has called for cutting support to Ukraine and alleged corruption in the country. Some have noted it’s a bit on the nose for a Russia-sympathizer to be appointed as a â€~czar’. “I am honored and grateful for the trust you have placed in me,†Sacks said about the appointment to the special government role. “I look forward to advancing American competitiveness in these critical technologies.†Sacks was a co-founder of PayPal in the â€~90s and later founded Yammer, which was a sort of Facebook for internal corporate communication that was sold to Microsoft for $1.2 billion. He more recently has used his wealth and online influence to steer Silicon Valley away from liberalism and paint a dark picture of America. Undergirding it all is a need for the U.S. government to allow more mergers and acquisitions in order for his VC business to thrive (VCs often make returns when their companies sell to the incumbents). On his podcast, Sacks is known as the combative conservative with tough stances on everything from immigration to regulatory policy, and has been a harsh critic of the current administration’s stance towards the tech industry (such as blocking acquisitions by big tech) and his buddy Elon Musk, who has made regular appearances on Sacks’s podcast. He has not always been full-on MAGA, however. Following the Capitol riot on January 6, 2021, Sacks said that Trump was “clearly†responsible for the insurrection and had “disqualified himself from being a candidate at the national level.†He campaigned heavily for Trump in the last leg of this election, including hosting a fundraiser at his home in San Francisco which has clearly paid off handsomely.  " Considering Sacks’s divisive views on geopolitical issues, it’s perhaps a positive that he hasn’t been given a role overseeing issues of national security or foreign policy. Some on X have derisively called his new role a “fake job.†The role Sacks has been given is as a special government employee, which allows him to work for the government for 130 days per year. SGEs are supposed to avoid conflict of interest or self-dealing that could benefit them personally. But Sacks will nonetheless have Trump’s ear and could pose a threat to competitors of Musk, who is currently locked in a battle against OpenAI to be a leader in generative AI. Sacks has long denounced the Biden administration for excluding Tesla from a 2021 White House electric vehicle summit. Tesla has long received significant tax credits from the U.S. government, and NASA is a major client of Musk’s SpaceX. But Musk hasn’t gotten many invites to the White House in recent years, and it seems it has bothered him quite a lot. Sacks has often spoken about his belief that big tech companies have colluded with Democratic administrations to, among other things, silence conservative voices on social media. This despite the fact that internal emails from Twitter demonstrated that executives debated vociferously whether they should take down content flagged by the Biden campaign, and didn’t just take down whatever was asked as conservatives suggested. OpenAI CEO Sam Altman has been a vocal proponent of working with the government to develop regulations around the development of artificial intelligence, which some see as a thinly veiled attempt to entrench OpenAI’s dominance. Sacks will no doubt be interested in investigating Altman’s activities in Washington and cooling those contacts. On the crypto front, Sacks sees recent enforcement actions against industry players as another affront against personal liberties. He has previously cited a trucker protest in Canada during the COVID pandemic, in which protesters’ bank accounts were frozen, as a reason crypto is necessary. Crypto has soared on the back of Trump’s reelection, even though it’s still not practically useful for much.Â

Trump names David Sacks as White House AI and cryptocurrency czar

President-elect Trump named former PayPal Chief Operating Officer David Sacks to be his White House artificial intelligence (AI) and cryptocurrency czar. "In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness," Trump said in his announcement Thursday evening. "David will focus on making America the clear global leader in both areas," he said. Trump said that Sacks would also prioritize "safeguarding" free speech and away from "Big Tech bias and censorship." "He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship," he said. "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. David will also lead the Presidential Council of Advisors for Science and Technology." Sacks, a former PayPal executive, has angel investments in several major firms, including Facebook, Uber, SpaceX, Airbnb and Palantir through his Craft Ventures fund. His enterprise software company, Yammer, was acquired by Microsoft for over $1 billion in 2012.

PayPal Co-Founder David Sacks Named as First White House AI and Crypto Czar

The President-elect has been putting digital assets at the forefront of his new administration. President-elect Donald Trump has appointed PayPal co-founder and former chief operating officer David Sacks as the new "White House AI and Crypto Czar." It marks the latest move by the President-elect to appoint his cabinet with individuals who will examine reshaping U.S. policy and bringing pro-crypto legislation into the country. Sacks Appointed as AI and Crypto Czar In a Truth Social post on Friday, Dec. 6, Trump wrote that Sacks would guide policy on AI and crypto, which were "two areas critical to the future of American competitiveness." The President-elect said that Sacks would work on a legal framework "so the crypto industry has the clarity it has been asking for and can thrive in the U.S." Sacks will also work on other priorities that Trump made clear in his campaign: safeguarding free speech and ending "Big Tech bias and censorship." Trump has also appointed Sacks to lead his Council of Advisors for Science and Technology, a committee of experts that helps the President make important policy decisions. Trump's Pro-Crypto Government President-elect Trump has made several promises regarding the future of crypto, and it looks as if he is choosing his cabinet accordingly. During his campaign, Trump proposed to establish a Bitcoin reserve alongside the dollar, eliminate capital gains tax on crypto profits and make the U.S. the "crypto capital of the planet." On Thursday, Trump announced that pro-crypto advocate Paul Atkins would replace Gary Gensler as the head of the Securities and Exchange Commission (SEC). The crypto industry celebrated the appointment, with Trump stating that he "recognizes that digital assets and other innovations are crucial to making America greater than ever before." Ripple CEO Brad Garlinghouse said Atkins was an "outstanding choice" and that the former SEC commissioner would "bring common sense" back to the agency.

Who Is David Sacks, Trump's Newly Appointed 'A.I. and Crypto Czar?'

David Sacks was an early executive at PayPal and boasts longstanding ties to Elon Musk. David Sacks, a venture capitalist with close ties to Elon Musk, has been appointed "A.I. and Crypto Czar," of the incoming Trump administration, President-elect Donald Trump announced in a post yesterday (Dec. 5) on his social media platform, Truth Social. In this newly created role, Sacks "will safeguard Free Speech online and steer us away from the Big Tech bias and censorship," Trump said in the post, adding that Sacks will be working "on a legal framework so the crypto industry has the clarity it has been asking for, and can thrive in the U.S.," the post said. Sacks will also lead the Presidential Council of Advisors for Science and Technology, according to Trump. Sign Up For Our Daily Newsletter Sign Up Thank you for signing up! By clicking submit, you agree to our <a href="http://observermedia.com/terms">terms of service</a> and acknowledge we may use your information to send you emails, product samples, and promotions on this website and other properties. You can opt out anytime. See all of our newsletters Sacks, 52, was born in South Africa but grew up in the U.S., where he studied economics at Stanford University before receiving a Juris Doctor from the University of Chicago's law school. He acted as PayPal (PYPL)'s chief operating officer between 1999 and 2002, making him a member of the so-called "PayPal Mafia" that notably includes the Musk and Peter Thiel. After producing the 2005 Hollywood film Thank You for Smoking, Sacks went on to found Yammer, an enterprise social networking service acquired by Microsoft (MSFT) in 2012 later for $1.2 billion. He is currently a partner at the venture capital firm Craft Ventures, which has invested in the likes of AirBnb (ABNB), Palantir, Reddit (RDDT) and Musk-led companies like SpaceX and Neuralink. Sacks was one of the investors who helped Musk complete his $44 billion acquisition of X in 2022. He also reportedly frequently provided Musk with advice via text throughout the deal. How much power will Sacks and Musk have as government employees? Sacks' A.I. and Crypto Czar position parallels Musk's recent appointment as head of the Department of Government Efficiency (DOGE) in its seemingly advisory nature. Both figures will act as special government employees, meaning they can serve a maximum of 130 days per year and must be recused from certain matters to avoid conflicts of interest. During a November episode of his All-In podcast, Sacks said his "key man" role at Craft would prevent him from taking on a full-time role in the Trump administration but said that accepting a part-time or advisory position would be a "no-brainer." Trump has been a vocal proponent of less stringent tech restrictions on A.I. and cryptocurrency. Besides urging for a rollback of the Biden administration's A.I. executive order, which the Republican party has described as hindering "A.I. innovation," he has positioned the incoming administration as one that will be crypto-friendly and reform regulations of the digital currency. "I am honored and grateful for the trust you have placed in me," Sacks said in a response to the President-elect's Truth Social announcement. "I look forward to advancing American competitiveness in these critical technologies." Earlier this year, Sacks cohosted a fundraising event for Trump at his San Francisco home. The growing influence of Musk and his allies within the U.S. government has raised concerns about how the billionaire's tech rivals, such as OpenAI, could be impacted. Sam Altman, CEO of OpenAI, publicly congratulated Sacks on his appointment and earlier this week said he doesn't think Musk will abuse his political power to harm competitors as it would be "profoundly un-American." In a post on X today, Musk appeared to agree with the OpenAI head's comments.

Trump names podcaster David Sacks as 'AI and crypto czar'

United States President-elect Donald Trump has named All In podcast co-host and venture capitalist David Sacks as his lead adviser on artificial intelligence and crypto. "David O. Sacks will be the 'White House A.I. & Crypto Czar,' Trump wrote in a Dec. 6 post on his social media platform Truth Social. He added Sacks will also lead the "Presidential Council of Advisors for Science and Technology." "In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness," he added. Trump said part of Sacks' role will be to "work on a legal framework" for crypto, and the role will also unexplainably safeguard online speech and "steer us away from Big Tech bias and censorship." This is a developing story, and further information will be added as it becomes available.

Trump taps ex-PayPal COO Sacks as crypto and AI czar

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. US President-elect Trump took to his social media platform Truth Social to confirm Sachs will "guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas." Continues Trump: "He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship. He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the US." Part of the "PayPal Mafia" alongside fellow Trump backers Peter Thiel and Elon Musk, Sacks is a co-founder of VC outfit Craft Ventures and a crypto booster. Having criticised Trump in the wake of the January 6 2021 States Capital attack, he has become one of the incoming president's biggest Silicon Valley backers. Earlier this week, Bitcoin surged past the $100,000 mark for the first time as retail and institutional investors betting on Trump introducing a more supportive regulatory regime for cryptocurrency. Since election day, the price of a single bitcoin has grown by about 45%, with other tokens similarly lifted by the rising tide. Trump has also moved in the last few days to add fintech execs to his team, picking Shift4 chief Jared Isaacman as next head of Nasa and Fiserv CEO Frank Bisignano to run social security.

Former PayPal COO David Sacks Appointed as US AI, Crypto Czar

David Sacks, venture capitalist and former PayPal COO, has been appointed the United States' first Artificial Intelligence and Crypto Czar. Sacks is expected to work closely with Elon Musk, who will head the Department of Government Efficiency (DOGE) in Trump's administration. President-Elect Donald Trump announced the role, stating that Sacks will help establish a legal framework for the cryptocurrency industry and ensure the country remains a leader in AI and crypto. "I am pleased to announce that David O. Sacks will be the 'White House A.I. & Crypto Czar.' In this important role, David will guide policy for the Administration in Artificial Intelligence and cryptocurrency, two areas critical to the future of American competitiveness," said Trump on Truth Social. Many in the tech and VC community took to X to congratulate Sacks on his new post, including OpenAI chief Sam Altman, VP elect JD Vance, Replit CEO Amjad Masad, and Sequoia partner Shaun Maguire, among others. Sacks co-hosts the All-In podcast with investors Jason and Chamath Palihapitiya, who both congratulated him on his win. "He (David Sacks) will make sure the US stays at the forefront of AI and Crypto - two of the most consequential technological movements in history. Make America Great Again," wrote Palihapitiya on X. Sacks, 52, is the founder of venture capital firm Craft Ventures and was involved in the development of PayPal. He also founded Yammer and led Zenefits. His appointment does not require asset disclosure or divestment, and he will serve as a special government employee, working up to 130 days per year. The AI and Crypto Czar will act as a liaison between the crypto industry, Congress, and federal agencies such as the SEC and CFTC. The position will provide regulatory clarity for the growing crypto sector and guide policy for AI adoption, including its implications for national security, privacy, and jobs.

Trump Appoints Former PayPal COO David Sacks as AI and Crypto Czar

(Reuters) - U.S. President-elect Donald Trump on Thursday said he was appointing former PayPal Chief Operating Officer David Sacks to be his White House Artificial Intelligence and Crypto Czar. "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 said in a post on his social-media site Truth Social. Trump - who once labeled crypto a scam - embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin. Bitcoin broke $100,000 for the first time on Wednesday night, a milestone hailed even by skeptics as a coming-of-age for digital assets as investors bet on a friendly U.S. administration to cement the place of cryptocurrencies in financial markets. Sacks is also a former chief executive of software company Zenefits and founded Yammer, a social network for enterprise users. Trump said Sacks will also lead the Presidential Council of Advisors for Science and Technology.

Trump Names Sacks White House AI, Crypto 'Czar'

Donald Trump announced that David Sacks, the venture capitalist and podcaster, will join the White House as its artificial intelligence and crypto "czar." In a message posted on Truth Social , the president-elect said Sacks will guide policy in both areas to help make "America the clear global leader in both areas," including defining a legal framework to help crypto thrive. Trump also said

Trump names former PayPal exec as crypto and AI czar

STORY: Donald Trump has named former PayPal executive David Sacks as AI and crypto czar. In a social media post, the president elect said Sacks would focus on making the U.S. a world leader in both fields. He says his administration will ensure 'the crypto industry has the clarity it has been asking for'. Trump once labelled such currencies a scam, but embraced the sector during his election campaign. His victory has seen bitcoin surge on bets that the new administration will be friendlier to digital assets. This week the top cryptocurrency broke through the $100,000 level for the first time, though it later dropped back. It is up around 50% since Trump's election win. Sacks was formerly chief operating officer at PayPal. Among other things, he also founded the business social network Yammer. He was an early advocate of cryptocurrencies, saying in a 2017 interview that bitcoin would revolutionise the internet. One analyst told Reuters that Sacks was seen as a strong backer of crypto, with a history of investing in tokens besides just bitcoin. Earlier in the week, Trump named strong crypto advocate Paul Atkins to run the Securities and Exchange Commission. That added to optimism for the sector, with the U.S. financial watchdog hitherto seen as unfriendly to crypto.

Donald Trump Announces New AI and Crypto Czar: What We Know

President-elect Donald Trump announced that tech investor David O. Sacks will be his new White House AI and Crypto Czar. In a post on Truth Social on Thursday night, Trump announced the news saying in part, "David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness." Trump added that this is an "important" position. Trump then noted that the position will work on making the United States the clear leader in both fields, protect free speech online, attempt to prevent big tech bias and censorship, and outline legal framework for cryptocurrency. In a follow-up post, Trump congratulated Sacks, saying, "David has the knowledge, business experience, intelligence, and pragmatism to MAKE AMERICA GREAT in these two critical technologies. Congratulations, David!" Newsweek has reached out to the Trump transition team via email for additional comment Thursday night. In June, Sacks took to X, formerly Twitter, to back Trump for president. Sacks pointed to four areas as his reason including the economy, foreign policy and the war in Ukraine, the border, and lawfare. Sacks concluded his post, "The voters have experienced four years of President Trump and four years of President Biden. In tech, we call this an A/B test. With respect to economic policy, foreign policy, border policy, and legal fairness, Trump performed better. He is the President who deserves a second term." Meanwhile, Trump's overall excitement about crypto, Bitcoin in particular, has been named a major reason for the market skyrocketing in the weeks after he won the 2024 presidential election. Trump has even ventured into digital currency himself, having launched World Liberty Financial this year. In a video promoting World Liberty Financial, Trump said, "Crypto is the future. Let's embrace this incredible technology and lead the world in digital economy." Update 12/5/24 8:45 p.m. ET: This story was updated with additional background. Related Articles

Trump appoints former PayPal COO David Sacks as AI and crypto czar

Dec 5 (Reuters) - U.S. President-elect Donald Trump on Thursday said he was appointing former PayPal Chief Operating Officer David Sacks to be his White House Artificial Intelligence and Crypto Czar. "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 said in a post on his social-media site Truth Social. Reporting by Costas Pitas Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:United StatesRegulatory OversightDonald Trump

Trump appoints former PayPal exec David Sacks as AI and crypto czar

U.S. President-elect Donald Trump on Thursday said he was appointing former PayPal Chief Operating Officer David Sacks as his "White House A.I. & Crypto Czar," another step towards overhauling U.S. policy. "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 said in a post on his social-media site Truth Social, without saying whether "czar" was an official title. The crypto czar and other officials in Trump's incoming administration such as the chairs of the Securities and Exchange Commission and Commodity Futures Trading Commission are expected to reshape U.S. policy on digital currency along with a newly created crypto advisory council.

Trump Crypto/AI Czar Pick Is Longtime Critic of Regulation | PYMNTS.com

America's incoming cryptocurrency/AI czar has a resume long on regulatory skepticism, short on industry expertise. That's according to a report Friday (Dec. 6) by Bloomberg News, looking into President-elect Donald Trump's nomination of David Sacks to help shape the administration's artificial intelligence (AI) and crypto policies. Sacks, the report said, doesn't have deep ties to either industry or a lengthy history of investments into them. But for tech investors, Sacks brings something more important to the table: a technology-friendly attitude, and a long track record of doubts about government regulation, the report said. "He will ensure the United States is at the cutting edge of innovation," said Keith Rabois of Khosla Ventures, who argued Sacks will keep the U.S. from falling behind China, and will protect "newly emerging tech from left-wing censorship and bias." Sacks, the report said, has made just a handful of crypto and AI bets, though he has invested in Elon Musk's xAI. As the founder of venture capital firm Craft Ventures -- and like Musk and Rabois, a member of the so-called "PayPal Mafia" -- he has become one of the VC industry's "loudest right-leaning voices," Bloomberg wrote. Both AI and crypto executives, the report added, see government intervention as a threat, with several crypto companies moving overseas to avoid regulatory oversight. "Crypto and AI are two of the United States' most pressing strategic priorities right now, and David Sacks is one of the only people in the world that is uniquely qualified to lead in this pivotal role," said Kyle Samani, a managing partner at Multicoin Capital, where Sacks is an investor. Sacks will be an "invaluable asset in shaping the nation's future," Samani added. As noted here last month, Trump has said he would overturn President Joe Biden's comprehensive AI executive order issued last year, arguing the rule hinders innovation. Trump's first term as president saw limited focus on AI, though he issued the first executive order dealing with the technology in 2019, requiring federal agencies to make AI research and development a priority. As the new administration's AI czar, Sacks, may have to address the need for infrastructure to support the technology. "While foreign markets move quickly to build power systems for next-generation computing facilities, American utilities' lengthy deployment timelines for new electrical capacity could redirect billions in tech investment abroad and reshape the global AI landscape," PYMNTS wrote in November.

Trump appoints former PayPal COO David Sacks as AI and crypto czar

US President-elect Donald Trump on Thursday said he was appointing former PayPal Chief Operating Officer David Sacks to be his White House Artificial Intelligence and Crypto Czar. "He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the US," Trump said in a post on his social-media site Truth Social.

Trump announces new role for his administration, names PayPal co-founder 'White House AI and crypto czar'

David Sacks is a longtime ally of Elon Musk and the former COO of PayPal. President-elect Donald Trump announced he created a new role for his administration, White House Artificial Intelligence and Crypto Czar. Filling the role will be tech entrepreneur and podcast host David Sacks. Sacks "will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas," Trump said in his announcement. "He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship. 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 continued" "David will also lead the Presidential Council of Advisors for Science and Technology," the president-elect said. Sacks is a longtime Silicon Valley ally of Elon Musk and invested in SpaceX. They worked together at PayPal, a company in which Sacks is a co-founder of and later became the COO. During that time, Musk was the CEO until 2000 when Confinity went through a rebrand and became PayPal. Sacks held major fundraisers for the Trump-Vance ticket, including one at his home for Trump in San Francisco, California in June. Trump did an interview with Sacks on his "All In" podcast earlier this year, in which he advocated for "automatically" giving noncitizens in the U.S. green cards when they graduate from college -- not just people who go through the vetting process. "[What] I want to do, and what I will do, is you graduate from a college, I think you should get, automatically as part of your diploma, a green card to be able to stay in this country. That includes junior colleges, too," Trump said during the episode. Trump's response came after one of the hosts, Jason Calacanis, asked Trump if he could promise to "give us more ability to import the best and brightest around the world to America."

Trump Crypto-AI Czar Sacks Is Long-Time Critic of Tech Regulation

David Sacks, President-elect Donald Trump's surprise pick to guide policy on artificial intelligence and cryptocurrency, doesn't have deep ties to either industry or an extensive track record of investing in them. What he does have, though, is even more important in the eyes of technology investors -- a tech-friendly worldview and a long history of skepticism about government regulation. "He will ensure the United States is at the cutting edge of innovation," said Keith Rabois, who celebrated with Sacks at a private home in Miami Thursday night. Sacks will keep the country from falling behind China, and will protect "newly emerging tech from left-wing censorship and bias," Rabois said.

Trump picks Musk ally David Sacks as AI and crypto Czar

President-elect Donald Trump has introduced a second Czar after Tom Homan. He has chosen former Paypal COO David Sacks as AI and crypto Czar.The new role will see the 54-year old tech entrepreneur advising Trump on cryptocurrency and artificial intelligence. Sacks will work on a legal framework for the crypto industry, Trump stated. Sacks will also lead a presidential council of advisors on science and technology.

Former PayPal COO is Trump's pick for 'White House A.I. & Crypto Czar'

U.S. President-elect Donald Trump on Thursday said he was appointing former PayPal Chief Operating Officer David Sacks as his "White House A.I. & Crypto Czar," another step towards overhauling U.S. policy. "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 said in a post on his social-media site Truth Social, without saying whether "czar" was an official title. The crypto czar and other officials in Trump's incoming administration such as the chairs of the Securities and Exchange Commission and Commodity Futures Trading Commission are expected to reshape U.S. policy on digital currency along with a newly created crypto advisory council. Trump's tech backers generally want to see minimal regulation around artificial intelligence and cryptocurrencies such as bitcoin, saying Washington would throttle growing innovative sectors with excessive rules.

Trump Taps Davis Sacks For AI, Crypto Czar

Bloomberg's Hadriana Lowenkron discusses Donald Trump picking of David Sacks to serve as his artificial intelligence and crypto czar, a newly created position that underscores the president-elect's intent to boost two rapidly developing industries. (Source: Bloomberg)

Trump appoints 'czar' of AI and crypto policy

US President-elect Donald Trump late Thursday named former PayPal chief operating officer David Sacks as White House "AI and Crypto Czar." The wealthy tech entrepreneur will take on a newly created role advising the Trump administration on cryptocurrency and artificial intelligence. "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 social media post. "He will safeguard Free Speech online and steer us away from Big Tech bias and censorship." Sacks will also lead a presidential council of advisors on science and technology, according to Trump. The entrepreneur, whose wealth has been estimated in the billions of dollars, is considered part of a so-called "PayPal Mafia" cadre of influential tech entrepreneurs that includes Elon Musk and Peter Thiel. The group was part of that company's founding era and members have thrown their clout behind conservative political policies and candidates. Sacks backed J.D. Vance as Trump's running mate in the recent US presidential election, hosting Vance on his podcast in the process. After PayPal was bought by eBay in 2002, Sacks went on to help create other tech firms including Yammer, which was bought by Microsoft. Sacks, who like Musk was born in South Africa, also took to investing in startups. Bitcoin breached $100,000 on Thursday before dipping back below the symbolically important level. The digital asset has now soared more than 50 percent since the election of Trump, who has vowed to make the United States the "bitcoin and cryptocurrency capital of the world." The historic level was broken after Trump picked crypto proponent Paul Atkins to take over as chair of the Securities and Exchange Commission, the markets regulator. Atkins "is unlikely to be as anti-crypto as his predecessor Gary Gensler," said Kathleen Brooks, research director at the XTB trading platform. "Politics is driving bitcoin. We doubt that the rally will stop here," she added. Musk meetings Musk met with US lawmakers Thursday to discuss his plans for overseeing radical government spending cuts under the incoming administration. Trump rewarded the Tesla, X and SpaceX chief for his support during the White House campaign by naming him head of the newly created Department of Government Efficiency, along with another wealthy ally, Vivek Ramaswamy. Although the office, dubbed DOGE, has a purely advisory role, Musk's star power and intense influence in Trump's inner circle bring political clout. During Trump's election campaign, Musk vowed to reduce federal spending by $2 trillion. This would represent cutting total US spending by a third, almost certainly meaning devastation of social support programs -- something that has never garnered strong political backing. Musk's new role raises the question of potential conflicts of interest, since he could be issuing policy recommendations that impact directly on his own business empire. Underlining the close connection to DOGE, Musk's favorite cryptocurrency is called Dogecoin.

Elon Musk pal David Sacks will be Trump's AI and crypto czar

Catch up quick: Sacks was a co-founder of PayPal, where he worked with Musk and Peter Thiel and later invested in their companies SpaceX and Palantir. State of play: Trump announced the move late Thursday in a Truth Social post. Between the lines: Sacks' appointment takes the same side door Trump is using to put Musk and Vivek Ramaswamy in charge of his DOGE efficiency and budget-cutting office. Flashback: There is no shortage of precedent for new presidents to bring industrialists and executives into public service -- all the way back to John F. Kennedy's famous choice of Ford "whiz kid" Robert McNamara as his secretary of defense. Yes, but: The usual trade-off is that when you become a public servant you hand off your private business, at least temporarily. For now, those competitors are saying they're not worried. What we're watching: Trump called Sacks a czar, but czars get to issue orders.

What Trump's New AI and Crypto Czar Means For Tech Industry

For much of 2024, one of President-elect Donald Trump's staunchest allies in Silicon Valley was David Sacks, an entrepreneur, venture capitalist, and co-host of the popular podcast All-In. On his podcast and social media, Sacks argued that Trump's pro-industry stances would unleash innovation and spur growth in the tech industry. In June, Sacks hosted a fundraiser for Trump in San Francisco that included $300,000-a-person tickets. Now, Sacks has been rewarded with a position inside the White House: the brand-new role of "AI & crypto czar." It's unclear how much power this role actually has. It appears that this will be a part-time role, and that Sacks will remain with his VC fund Craft. This murkiness, and the fact that Sacks will not have to go through the Senate confirmation process, is drawing concerns over conflict of interest and lack of oversight. Regardless, Sacks will start the Administration with Trump's ear on key policy decisions in these two rapidly growing sectors. Leaders inside both industries largely cheered the decision. "A whole-of-government approach that collaborates closely with private industry is essential to winning the AI race, and a designated AI leader in the Administration can help do that," Tony Samp, the head of AI policy at the law firm DLA Piper, tells TIME. Sacks has long been close to the center of Silicon Valley's power structure. A member of the "PayPal mafia," he was that company's chief operating officer for several years, and grew close with Elon Musk, who has also been tasked with a new role in Trump's Administration. While many Silicon Valley leaders espoused pro-Democrat views especially during the Obama years, Sacks became increasingly vocal in his conservative stances, especially around the Russia-Ukraine war and fighting censorship on tech platforms. His podcast All-In is currently the third most popular tech podcast on Apple Podcasts, according to Chartable. After the Jan. 6 insurrection, Sacks said that Trump had "disqualified himself from being a candidate at the national level again." But he threw his weight behind Trump this year, including during a speech at the Republican National Convention (RNC) in July, in which he warned Republicans of a "world on fire." At one lavish fundraiser, Sacks lobbied for Trump to pick J.D. Vance as his running mate. Sacks also hosted Trump on All-In, and complained that it was "so hard to do business" during the Biden Administration. Sacks is a player in the AI ecosystem himself: this year, he launched an AI-powered work chat app called Glue. He has often expressed support for a freer ecosystem empowering AI companies to grow, and has argued that most of what's on the internet should be available for AI to train upon under fair use. "This appointment is another signal that startups and venture capital will be a central focus of the incoming Administration's approach to AI," says Nik Marda, the technical lead for AI governance at Mozilla. "This also means particular issues like promoting open source and competition in AI will be at the forefront." Sacks has advocated for the integration of AI technology into warfare and national security tools. On an All-In episode in April, he said he hoped Silicon Valley companies would become more involved with U.S. defense efforts. "I do want the United States, as an American, to be the most powerful country. I do want us to get the best value for our defense dollars. The only way that's going to change is if the defense industry gets disrupted by a bunch of startups doing innovative things," he said. (Just this week, OpenAI announced a partnership with the defense contractor Anduril.) Sacks has also come out strongly against AI models displaying any sort of censorship. In this way, Sacks is aligned with Musk, whose AI model Grok will generate controversial images that other AI models will not, including a Nazi Mickey Mouse. Read More: Elon Musk's New AI Data Center Raises Alarms Over Pollution However, there will be many AI thinkers competing for influence in Trump's White House, including Marc Andreessen, who wants AI to be developed as fast as possible, and Musk, who has warned of the technology's existential risks. Sacks' new czar role also includes oversight of crypto. Crypto investors were largely cheered by his appointment, because he is supportive of the space and will likely reinforce Trump's intentions of offering light-touch regulation. Sacks has invested significantly in Solana, a cryptocurrency attached to its own blockchain that was previously championed by Sam Bankman-Fried. Sacks' VC fund Craft also invested in the crypto companies BitGo and Bitwise. Trump, in his announcement of Sack's appointment, wrote that Sacks 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." Sacks joins several other recent pro-crypto Trump appointees, including new SEC chair nominee Paul Atkins. The Securities Exchange Commission (SEC) under Biden, in contrast, was very aggressive in suing crypto companies it deemed were violating securities laws. Trump, meanwhile, has been eager to claim credit for the crypto's recent successes. When Bitcoin crossed $100,000 for the first time, Trump wrote on his social media platform Truth Social, "YOU'RE WELCOME!!!" Read More: What Trump's Win Means for Crypto While Sacks is supportive of both industries, it is unclear how much power he will actually have in this new role. Bloomberg reported that Sacks will be a "special government employee" -- a part-time role that doesn't require him to divest or publicly disclose his assets, and sets a maximum number of 130 working days a year. A Craft spokeswoman told Bloomberg that Sacks would not be leaving the VC firm. It remains to be seen whether Sacks will have a staff, or where his funding will come from. Other related government agencies, like the Department of Commerce, will likely have completely different workflows and prerogatives when it comes to AI. "Czar roles can be a bit funky and more dependent on relationships and less dependent on formal authorities," Marda says. Suresh Venkatasubramanian, an AI advisor to Biden's White House starting in 2021, expressed concern about the lack of oversight of this new position, as well as the conflicts of interest it could lead to. "The roles and responsibilities described in the press announcement describe a lot of what the director of OSTP [Office of Science and Technology Policy] does," he tells TIME. "The only difference is lack of oversight. Especially given that this particular appointment is of someone who has investments in AI and crypto, you have to wonder whether this is serving the interest of the tech industry, or a particular few individuals."

Trump names "All In" host and Musk pal David O. Sacks as AI, crypto czar

Why it matters: Sacks, an experienced tech founder and investor, will have an expansive hand in shaping the country's technology policy. Catch up quick: Sacks was a co-founder of PayPal, where he worked with Musk and Thiel, and later invested in their companies SpaceX and Palantir. Zoom out: Trump was reported to be considering an AI czar, and also the possibility of rolling in cryptocurrencies as well. Yes, but: Sacks' new role does not officially exist today, making it unclear exactly how the position will be structured within the government (or not) and what authority he'll have.

Trump appoints 'czar' of AI and crypto policy

WASHINGTON (AFP) - US President-elect Donald Trump late Thursday named former PayPal chief operating officer David Sacks as White House "AI and Crypto Czar." The wealthy tech entrepreneur will take on a newly created role advising the Trump administration on cryptocurrency and artificial intelligence. "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 social media post. "He will safeguard Free Speech online and steer us away from Big Tech bias and censorship." Sacks will also lead a presidential council of advisors on science and technology, according to Trump. The entrepreneur, whose wealth has been estimated in the billions of dollars, is considered part of a so-called "PayPal Mafia" cadre of influential tech entrepreneurs that includes Elon Musk and Peter Thiel. The group was part of that company's founding era and members have thrown their clout behind conservative political policies and candidates. Sacks backed J.D. Vance as Trump's running mate in the recent US presidential election, hosting Vance on his podcast in the process. After PayPal was bought by eBay in 2002, Sacks went on to help create other tech firms including Yammer, which was bought by Microsoft. Sacks, who like Musk was born in South Africa, also took to investing in startups. Bitcoin breached USD100,000 on Thursday before dipping back below the symbolically important level. The digital asset has now soared more than 50 per cent since the election of Trump, who has vowed to make the United States the "bitcoin and cryptocurrency capital of the world." The historic level was broken after Trump picked crypto proponent Paul Atkins to take over as chair of the Securities and Exchange Commission, the markets regulator. Atkins "is unlikely to be as anti-crypto as his predecessor Gary Gensler," said Kathleen Brooks, research director at the XTB trading platform. "Politics is driving bitcoin. We doubt that the rally will stop here," she added. Musk met with US lawmakers Thursday to discuss his plans for overseeing radical government spending cuts under the incoming administration. Trump rewarded the Tesla, X and SpaceX chief for his support during the White House campaign by naming him head of the newly created Department of Government Efficiency, along with another wealthy ally, Vivek Ramaswamy. Although the office, dubbed DOGE, has a purely advisory role, Musk's star power and intense influence in Trump's inner circle bring political clout. During Trump's election campaign, Musk vowed to reduce federal spending by $2 trillion. This would represent cutting total US spending by a third, almost certainly meaning devastation of social support programs -- something that has never garnered strong political backing. Musk's new role raises the question of potential conflicts of interest, since he could be issuing policy recommendations that impact directly on his own business empire. Underlining the close connection to DOGE, Musk's favorite cryptocurrency is called Dogecoin.

Trump's new crypto czar called OpenAI a 'piranha, for-profit company'

United States president-elect Donald Trump's presumptive "White House AI and Crypto Czar," David Sacks, has strong views on OpenAI's pivot to "for-profit" and deep ties to Elon Musk. Trump announced the appointment of Sacks -- a former tech executive and member of the so-called "PayPal Mafia," whose members include dozens of tech luminaries, such as Musk, YouTube co-founder Steven Chen and investment mogul Peter Thiel -- on his Truth Social account on Dec. 5. The news prompted generally positive responses from the crypto community, as Sacks is reported to be a staunch Solana supporter and multi-coin investor. Sacks' influence is also likely to spur a modicum of positivity from the artificial intelligence community. He's spoken at great length about the perceived dangers of government overreach when it comes to AI technologies, saying on several occasions that he believes in open-source AI solutions and a hands-off approach that allows the industry to self-regulate. However, there may be one person in the burgeoning US AI industry with good reason to be concerned over Sacks' presumptive appointment, and that's OpenAI co-founder and CEO Sam Altman. In an October episode of the All-In podcast featuring guest Mark Cuban, one of the few areas in which the two found common ground was in their negative view of OpenAI's business restructuring. OpenAI's pivot to for-profit Elon Musk was an early investor -- to the tune of $50 million -- and co-founder of OpenAI, which was initially launched in 2015 as a nonprofit research tank. In the time since, under Altman's leadership, the company has launched what it calls a "for-profit branch," enabling it to continue scaling its monetized operations in support of its nonprofit research. Musk, who operates a competing artificial intelligence company, xAI, has sued OpenAI to block the pivot to for-profit. On Dec. 2, lawyers for Musk and xAI filed a motion in a US court in California asking a judge to block the move as the lawsuit moves forward. Related: OpenAI secures $1.5B funding from SoftBank, allows employees to cash out Sacks and Cuban commented on the OpenAI story in the podcast episode, which boasts more than 426,000 views as of the time of this article's publication. According to Sacks, OpenAI tricked Musk into investing in what was thought to be a philanthropic endeavor. Citing reports that OpenAI was (at the time) looking to raise $6 billion at a valuation of $157 billion -- which it subsequently did -- and had warned investors not to invest in rival companies such as Musk's xAI, Sacks said the company had "gone from nonprofit philanthropy to piranha, for-profit company." Cuban shared the sentiment, stating that he "wouldn't do business with people like that." He added: "To me, that's just wrong. And it catches up to you. When people f--- over investors, it always comes back. Karma is a bitch in business, too." In what could perhaps be considered an ironic twist, Altman was among the first to congratulate Sacks on his presumptive appointment as White House Crypto and AI Czar. Shortly thereafter, however, Musk replied to Altman's post with an emoji indicating he was laughing so hard that he was crying: Ryan Selkis, former CEO of the Messari cryptocurrency exchange who stepped down in mid-2024 after posting inflammatory statements on X in defense of Trump, joined the conversation, responding to Altman's post with a meme and what appeared to be a sarcastic remark: "This makes me so happy."

Move Over Elon: Tech Billionaires Make More Inroads in Trump's Administration -- And He's Even Quoting Them Directly

The tech industry heavyweights who lavishly supported Donald Trump's successful presidential campaign are being rewarded with influential posts for his second White House term. On Thursday evening, the president-elect announced that venture capitalist David Sacks would join his administration as an AI and crypto czar, an advisory role that doesn't require Senate approval as do official agency appointments. "In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas," Trump wrote on Truth Social, the platform he owns. Sacks' role will also involve tackling "Big Tech bias and censorship" and establishing "a legal framework so the Crypto industry has the clarity it has been asking for," Trump wrote.

Trump's pick for AI czar signals support for science advisory panel

David Sacks would work in new role outside White House science office U.S. President-elect Donald Trump's choice of David Sacks, a billionaire high-tech entrepreneur and venture capitalist, to shape his administration's efforts on artificial intelligence (AI) and cryptocurrency is raising concerns about potential conflicts of interest. But some researchers say the good news is that Sacks's additional role leading the President's Council of Advisors on Science and Technology (PCAST) means Trump plans to retain the high-level panel. "David will focus on making America the clear global leader" in both AI and cryptocurrency, Trump said as he announced the appointment on 4 December. Trump's promise that Sacks would "safeguard free speech online and steer us away from Big Tech bias and censorship" is expected to translate into less regulation of the industry. Naming Sacks as "AI czar" creates a new, part-time position not within the White House Office of Science and Technology Policy (OSTP), which is charged with overseeing federal innovation policy. Trump has yet to nominate an OSTP director; Sacks will serve as an adviser to the president but presumably from outside OSTP. Sacks, 51, earned a bachelor's degree in economics from Stanford University. After co-founding PayPal, he started several other companies and recently launched his own venture capital fund. He's also a good friend of Elon Musk, who has been a key Trump adviser during the transition. Those extensive business and personal ties could be problematic as Sacks tackles the controversial issue of AI regulation. Although he would not be a regular government employee as AI czar, Sacks would still be subject to federal rules preventing him from "participating in any matter that has a direct and predictable effect on their own financial interests." The potential conflicts of interest posed by Sacks's financial dealings worry computer scientist Suresh Venkatasubramanian, who helped draft a 2022 "AI Bill of Rights" while working in OSTP under President Joe Biden. "Much of his job description overlaps with OSTP's role in technology and innovation," Venkatasubramanian says. Yet unlike the OSTP director, he says, Sacks won't receive the "scrutiny and transparency that would come if [he] were a Senate-confirmed position. I'm afraid that policies that benefit [Musk and Sacks] are going to be championed by this administration without any kind of appropriate oversight." Alondra Nelson, acting OSTP director under Biden and chief architect of its AI policies, says she doesn't have a problem with Sacks not holding a full-time position within the government or at OSTP. Previous administrations, she notes, have named climate and public health czars who have been independent but worked collaboratively with OSTP and individual mission agencies. AI's impact on society is so pervasive, she adds, that Sacks's team "will have to include people who are in the government." Nor does Nelson believe his presence signals a downgrading of the role of OSTP in shaping federal R&D policy. "OSTP's portfolio is vast, and there's so much that needs to be done," she says. Nelson welcomes the news that PCAST will remain a vehicle for the president to receive advice from the research community. "That has historically been PCAST's role, but its charter must be renewed," she says. "At a time when so much is up in the air, this announcement is the first indication that the president-elect plans to continue that tradition."