New Crypto Czar Appointed by President-elect Trump to Lead Industry

Key Points:

• President-elect Donald Trump has appointed former PayPal COO David Sacks as the new Crypto Czar to lead U.S. policy on artificial intelligence and cryptocurrency.
• Sacks will chair the Presidential Council of Advisors for Science and Technology and serve as a liaison with Congress and federal agencies like the SEC.

US President-elect Donald Trump has appointed David O. Sacks as his “White House AI and Crypto Czar,” a signal for radical changes in US policy on artificial intelligence and cryptocurrency.

Read more: New SEC Chair Appointed by Donald Trump

Trump Names David Sacks to Head AI and Cryptocurrency Policy

The former Chief Operating Officer at PayPal is expected to lead regulatory frameworks for the industries with the goal of promoting innovation and positioning the United States as a global leader in emerging technologies.

Sacks is a well-known venture capitalist and a co-founder of Craft Ventures. He has great experience within the technology and finance sectors. His firm has invested in several cryptocurrency projects, among them dYdX, Lightning Labs, and River Financial.

Sacks, an outspoken advocate for DeFi and Bitcoin, says the two technologies have the potential to create far more transparency and even disrupt traditional financial systems.

As the new Crypto Czar, Sacks will spearhead the development of policies that would provide clarity to the crypto industry, something which has been very loud from the stakeholders. He will chair the Presidential Council of Advisors for Science and Technology and serve as a liaison between the White House, Congress, and federal agencies such as the Securities and Exchange Commission and the Commodity Futures Trading Commission.

New Crypto Czar to Drive AI and Crypto Innovation

The appointment is in line with Trump’s campaign promise to make the U.S. the “crypto capital of the planet.” Though once referring to cryptocurrency as a scam, Trump has warmed up to digital assets, promising to deregulate the industry and stockpile a national Bitcoin reserve.

The new Crypto Czar will likely be a big driver in Trump’s technology policies as he works out legislation with Congress and the regulatory agencies to influence growth in AI and cryptocurrency, with concerns about oversight and innovation.