President-elect Donald Trump has named former PayPal (PYPL) COO, David Sacks, as his “White House A.I. & Crypto Czar.” This appointment, announced via a December 6 post on Truth Social, highlights Trump’s focus on artificial intelligence and cryptocurrency as vital to the future of U.S. competitiveness. According to Reuters, Trump emphasized that Sacks will help create a legal framework for the crypto industry to thrive in the U.S., offering much-needed clarity.
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Sacks Will Tackle Big Tech and Legal Clarity for Crypto
As part of his new role, Sacks will be tasked with ensuring that the U.S. government’s approach to AI and crypto is both clear and supportive, a necessity for an industry often left in legal limbo. Trump further revealed that Sacks would also protect online speech and combat Big Tech bias. With a history of shaping the digital payments industry at PayPal and the success of his business social network, Yammer, which Microsoft (MSFT) acquired, Sacks is no stranger to navigating complex tech and financial systems.
Trump’s Pro-Crypto Agenda Continues
Sacks’ appointment aligns with Trump’s broader pro-crypto agenda. As Bloomberg reports, Trump has promised to make the U.S. “the world capital of crypto,” securing backing from crypto leaders like Elon Musk. This move follows the appointment of Paul Atkins, a staunch crypto advocate, as chair of the U.S. Securities and Exchange Commission.
Crypto Market Reacts to Sacks’ Appointment
The announcement has already stirred the crypto community. In a strange twist, a memecoin tied to Sacks saw its value surge by 16,000% just hours after Trump’s post. It’s clear that Sacks’ new role is already having a ripple effect.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
