Donald Trump appoints former PayPal COO David Sacks as White House Artificial Intelligence and Crypto Czar
Donald Trump appoints former PayPal COO David Sacks as White House Artificial Intelligence and Crypto Czar
Venture capitalist David Sacks is the first artificial intelligence and crypto czar of the United States. US President-Elect Donald Trump on Thursday announced the appointment of the former Paypal Chief Operating Officer to the newly created post.
"He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.," Trump said in a post on his social-media site Truth Social.
David Sacks will be responsible for the policy formation in the field of AI and Cryptocurrency and ensure America's dominance in the two rapidly evolving areas.
“David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas,” Donald Trump said in a post to his Truth Social network on Thursday.
Who is David Sacks?
David Sacks was born in South Africa. The 52-year-old techie founded venture capital firm Craft Ventures and contributed in the development of PayPal, a payment processing firm that was acquired by eBay (EBAY.O.).
He was also a former chief executive of software company Zenefits and founded Yammer, a social network for enterprise users, reported Reuters.
His appointment to the White House would not require him to divest or publically disclose his assets, according to Bloomberg. Just like Elon Musk , he will be a special government employee and can serve a maximum of 130 days per year, with our without compensation.
About artificial intelligence and crypto czar position in White House
A White House AI and crypto czar will act as a bridging gap between crypto industry stakeholders and the government. The post is expected to provide cryptocurrency advocates a direct line to the White House. The position holder will also serve as a liaison between Trump, Congress and the federal agencies that interface with digital assets, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.
AI adoption
Sacks would also play a crucial role in AI adoption and regulation as its wide range of uses and its threat to national security, privacy, jobs and other areas.
Sacks has been appointed to the new position at the White House, which is likely to help the US spearhead the crypto industry deregulation that Donald Trump promised on the campaign trail. Trump said that Sacks would also lead the Presidential Council of Advisors for Science and Technology.
During his third US Presidential campaign, Donald Trump significantly campaigned on supporting crypto after previously disparaging digital assets during his first White House term, saying their “value is highly volatile and based on thin air,” reported Bloomberg.
David Sacks to work closely with Elon Musk
David Sacks may also work closely with tech billionaire Elon Musk, who is a key player in the AI space. The SpaceX CEO is set to head Department of Government Efficiency (Doge) in Donald Trump administration.
Elon Musk owns companies like xAI and a chatbot named Grok—efforts that pit him against Silicon Valley’s giants—and he stands to wield significant influence within the incoming administration.
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Business NewsNewsUs NewsDonald Trump appoints former PayPal COO David Sacks as White House Artificial Intelligence and Crypto Czar
First Published:6 Dec 2024, 06:39 AM IST
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