Trump chooses Musk ally David Sacks as king of cryptocurrency and AI
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President-elect Donald Trump has named venture capitalist David Sacks as the White House’s artificial intelligence and cryptocurrency czar, the latest Elon Musk confidant to receive a top appointment in the new administration.
Sacks, who was Musk’s first employee at PayPal, co-hosted the session. All in podcast and emerged as one of Silicon Valley’s earliest and most vocal Trump supporters, Organize a fundraiser for candidate in San Francisco in June.
“David has the knowledge, business experience, intelligence and pragmatism to MAKE AMERICA GREAT in these two important technologies,” Trump posted on his social media platform Truth Social.
“He will work on a regulatory framework so that the crypto industry has the clarity it is demanding and can thrive in the United States,” he added.
artificial intelligence And code Regulation are two of the most urgent priorities of the incoming administration.
Cryptocurrency investors and founders hope Trump will take a more favorable approach to the sector than Joe Biden’s administration, after the president-elect gave strong support for digital currencies in his his election campaign.
This week Trump nominated Paul Atkinswho is sympathetic to the industry, heads the Securities and Exchange Commission. Bitcoin prices, which have soared since the election, surpassed $100,000 for the first time on Thursday following Atkins’ pick.
Trump’s views on AI are unclear, but during his first term, he issued an executive order “committing to strengthening American leadership in AI” and many in the field expect more lenient regulations.
Sacks has supported the candidate on social media and through his podcast throughout the campaign. His endorsement earned him a speaking spot at the Republican National Convention in July.
He has been vocal on foreign policy issues as well as technology concerns, including consistently criticizing President Biden’s approach to Russia’s invasion of Ukraine. Instead, Sacks has argued that Kyiv should “strike a deal” to ensure a quick ceasefire with Moscow.
His appointment creates another link between Trump’s Republican party and Silicon Valley, which has previously been a Democratic stronghold.
Musk is the most prominent member of the tech world to have taken on a role in the incoming administration, but other high-profile figures such as venture capitalist Marc Andreessen have played informal roles such as helping find candidates for ‘Bureau of Government Efficiency’.
Sacks is part of the so-called PayPal mafia, a group of the payments company’s founders and early employees that includes Musk, Palantir co-founder Peter Thiel, LinkedIn co-founder Reid Hoffman and managing partner Sequoia Roelof Botha.
He has deepened his relationship with Musk by backing several of the entrepreneur’s companies, including xAI, X and SpaceX, through his venture capital firm Craft Ventures.
Sacks in May launched its own AI chat platform called Glue.
Sacks’ company said his new position will not conflict with existing positions.
“The Tsar has an advisory role and is classified by the government as a ‘doge,’ which does not require David to leave Craft,” the company said.
