TLDR
- Trump appoints David Sacks as White House AI and Crypto Czar, marking shift from his previous crypto skepticism
- Sacks will oversee AI and crypto policy initiatives and lead Presidential Council of Advisors for Science and Technology
- The role aims to create regulatory clarity for crypto industry and establish communication between White House and federal regulators
- Sacks hosted a major Trump fundraiser in San Francisco with tickets up to $300,000
- Trump also appointed Paul Atkins, former SEC commissioner, to lead the regulatory agency
President-elect Donald Trump has appointed David Sacks, a prominent venture capitalist and tech industry veteran, to serve as the White House AI and Crypto Czar. The announcement came through Trump’s Truth Social platform on Thursday, December 5, 2024.
Sacks, co-founder of Craft Ventures LLC and former PayPal executive, will oversee artificial intelligence and cryptocurrency policy initiatives for Trump’s second term. The newly created position puts Sacks at the helm of the Presidential Council of Advisors for Science and Technology.
The appointment represents a shift in Trump’s approach to digital assets. During his first term, Trump expressed skepticism about cryptocurrencies, describing Bitcoin as “volatile and based on thin air.” His campaign has since embraced more crypto-friendly positions, promising clearer guidelines for the industry.
In his Truth Social announcement, Trump outlined Sacks’s main responsibilities. These include developing a legal framework for the crypto industry and protecting free speech online. Trump emphasized the importance of steering away from what he termed “Big Tech bias and censorship.”
Sacks brings substantial tech industry experience to the role. He sold his company Yammer to Microsoft for $1.2 billion in 2012 and maintains connections with influential tech figures like Elon Musk and Peter Thiel through their shared history at PayPal in the 1990s.
The venture capitalist has recently gained visibility as co-host of the All-In podcast, where he discusses technology, economics, and politics with other investors. Trump highlighted this platform in his announcement, calling it the “top podcast in Tech.”
Earlier this year, Sacks demonstrated his support for Trump by hosting a fundraiser at his San Francisco mansion. The event offered tickets ranging from $50,000 to $300,000, with higher tiers including personal photo opportunities with Trump.
The appointment follows Sacks’s public endorsement of Trump’s presidential bid in June. He cited Trump’s economic policies, approach to foreign affairs, and border control measures as key factors in his support.
In his new role, Sacks will serve as a bridge between the White House and federal regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission. This coordination aims to create clearer operating guidelines for digital asset companies in the United States.
The position comes at a time when the crypto industry faces increased regulatory oversight. Companies have repeatedly called for clearer guidelines about operating within U.S. borders.
Sacks’s appointment marks a notable evolution in his stance toward Trump. Following the January 6, 2021 Capitol riot, Sacks criticized Trump on his podcast, stating Trump was “clearly” responsible and had “disqualified himself from being a candidate at a national level.”
By July 2024, however, Sacks had become more supportive, speaking at the Republican National Convention in Milwaukee. He has maintained close ties with Vice President-elect JD Vance, who worked in venture capital before becoming Ohio senator.
The announcement coincides with Trump’s selection of Paul Atkins, a former SEC commissioner, to lead the regulatory agency. Trump described Atkins as a “proven leader” who would implement “common sense regulations.”
Sacks will also address AI safety and regulation, an area that has seen increased attention. This follows recent developments like California Governor Gavin Newsom’s veto of an AI regulation bill in September.
Trump emphasized that both AI and crypto are “critical to the future of American competitiveness.” The administration views these technologies as key areas for maintaining U.S. leadership in global innovation.
