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!!!”
