President-elect Donald Trump has appointed David Sacks, a Silicon Valley investor closely tied to Elon Musk, as the "White House A.I. & Crypto Czar." The move highlights Trump's push to boost artificial intelligence and cryptocurrency in the U.S.
Key Points
- David Sacks appointed as "White House A.I. & Crypto Czar".
- Sacks will shape AI and crypto policy, aiming to make the U.S. a global leader.
- Focus includes safeguarding free speech and addressing Big Tech bias.
- Strengthens Trump's tech ties, especially with Elon Musk.
Why It Matters: David Sacks, a venture capitalist and Musk ally, will lead U.S. policy on AI and crypto under President-elect Donald Trump. This appointment underscores Trump's goal to boost America's leadership in these key tech sectors while tightening his bonds with Silicon Valley.
Sacks’ Background: Sacks is part of the "PayPal Mafia," having worked alongside Musk and other tech titans at PayPal. He later founded Craft Ventures and co-hosts the "All-In" podcast, known for its tech and political discussions. Sacks played a major role in Trump’s campaign fundraising, hosting a $300,000-a-person event at his San Francisco mansion. His appointment can be seen as a reward for his loyalty and support.
Shaping AI and Crypto Policy: As the AI and Crypto Czar, Sacks will guide policies to make the U.S. a leader in these technologies. Trump highlighted that Sacks will focus on creating a clear regulatory framework for cryptocurrencies to support industry growth.
Sacks will also chair the Presidential Council of Advisors for Science and Technology. Trump stated, "David will safeguard Free Speech online and steer us away from Big Tech bias and censorship."
The appointment marks a significant shift for Sacks, who criticized Trump after the January 6, 2021 Capitol riot but emerged as a major supporter during the 2024 campaign. Sacks hosted a high-profile fundraiser at his San Francisco mansion that charged up to $300,000 per person for access to Trump.
Industry leaders quickly praised the selection.
Wow, big role. Congrats @DavidSacks ! pic.twitter.com/jfZY22CtgM
— Aaron Levie 🇺🇸 (@levie) December 6, 2024
Zoom In: As a special government employee, Sacks can serve up to 130 days annually without divesting or publicly disclosing assets, similar to fellow PayPal alumnus Elon Musk's recent appointment to co-lead government efficiency efforts. However, conflict of interest rules will require Sacks to recuse himself from matters affecting his holdings.
Sacks brings significant tech industry experience to the role. After serving as PayPal's chief operating officer in the late 1990s, he founded workplace communications company Yammer, which Microsoft acquired for $1.2 billion in 2012. His venture firm, Craft Ventures, has invested in AI startup Glean and government contractor Palantir.
Zoom Out: The appointment comes as Trump promises to reshape federal oversight of cryptocurrency and artificial intelligence. The president-elect has pledged to repeal President Biden's 2023 AI executive order, which his party criticized as hindering innovation.
Trump said Sacks will also lead efforts to "safeguard Free Speech online" and develop a legal framework to provide the cryptocurrency industry with regulatory clarity it "has been asking for."
The role adds to Sacks' growing political influence. Beyond co-hosting the popular "All-In" tech podcast, he spoke at the 2024 Republican National Convention and maintains close ties to Vice President-elect JD Vance.