#also another russia apologist/anti-ukraine figure
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mariacallous · 17 days ago
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US president-elect Donald Trump has appointed venture capitalist and former PayPal executive David Sacks as White House AI & Crypto Czar, a newly created role meant to establish the country as the global leader in both fields.
Members of the cryptosphere have gathered to congratulate their new czar, a Trump loyalist from Silicon Valley who has previously expressed enthusiasm for crypto technologies and invested in crypto startups. The appointment is being celebrated by crypto executives and policy wonks as “bullish” for the industry, which under the previous administration was bombarded with lawsuits by US regulators. On X, Gemini chief legal officer Tyler Meader wrote, “At long last, a rational conversation about crypto can be had.”
Others have speculated that the dual-faceted nature of the role, covering both AI and crypto, could set the tone for experimentation around potential synergies between the two disciplines. Among VCs, Sacks “was very early in noting the importance of crypto to AI,” says Caitlin Long, CEO at crypto-focused bank Custodia. In his announcement, Trump wrote that the two areas were “critical to the future of American competitiveness.”
“There is no better person than David Sacks to help steer the future of crypto and AI innovation in America,” says John Robert Reed, partner at crypto-focused VC firm Multicoin Capital. “He's a principled entrepreneur and brilliant technologist that deeply understands each of these industries and where they intersect.”
“Initial reactions from the crypto industry on the Sacks appointment has been positive. Given his purview as a venture capitalist, he’s seen a lot of the innovation in crypto and AI that has been stunted in growth due to various political or regulatory issues the past few years,” says Ron Hammond, director of government relations at the Blockchain Association. “What remains to be seen is how much power the czar role will even have and if it will be more a policy driver position versus a policy coordinator role.”
In an X post, Sacks expressed his gratitude to Trump. “I am honored and grateful for the trust you have placed in me. I look forward to advancing American competitiveness in these critical technologies,” he wrote. “Under your leadership, the future is bright.”
In his role as czar, Sacks will lead a council of science and technology advisers responsible for making policy recommendations, Trump says. He will also develop a legal framework that sets out clear rules for crypto businesses to follow—something the industry has long demanded. That will reportedly involve working closely with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), two regulatory agencies that vied for jurisdiction over the crypto industry under the Biden administration. Earlier this week, Trump appointed crypto advocate Paul Atkins as SEC chair; members of the crypto industry contributed to the selection process, sources told WIRED in November.
Trump officials did not respond when asked to clarify whether the new position would be internal to the government, or whether Sacks would act as a “special government employee,” allowing him to continue in other private-sector roles. Sacks did not respond to a request for comment.
Sacks first made his name as one of the earliest employees at payments technology firm PayPal, which he built alongside Elon Musk, Peter Thiel, Reid Hoffman, and others. Like other members of the so-called “PayPal Mafia,” Sacks went on to set up multiple other business ventures. In 2012, he sold workplace software company Yammer to Microsoft in a deal worth $1.2 billion. Now he runs his own venture capital firm, Craft Ventures, which has previously invested in companies including AirBnb, Palantir, and Slack—as well as crypto firms BitGo and Bitwise.
Sacks also cohosts the popular All In podcast where he’s used the platform to boost Trump. He’s also shared a host of right-wing takes: At the podcast’s summit this September, Sacks questioned the effectiveness of the Covid vaccine.
Like Musk, Sacks was a vocal proponent of Trump during the presidential race. In an X post in June, he laid out his very Silicon Valley rationale: “The voters have experienced four years of President Trump and four years of President Biden. In tech, we call this an A/B test,” he wrote. “With respect to economic policy, foreign policy, border policy, and legal fairness, Trump performed better. He is the President who deserves a second term.”
That same month, Sacks hosted an exclusive fundraiser for the Trump campaign, reportedly generating as much as $12 million. Attendees reportedly included vice-president-elect JD Vance—who has previously described Sacks as “one of my closest friends in the tech world”—and Cameron and Tyler Winklevoss, cofounders of crypto exchange Gemini.
In the weeks since Trump won back the Oval Office, crypto markets have been on a tear. During the race, the president-elect made a host of crypto-friendly pledges, including a promise to set up a national “bitcoin stockpile.” In Sacks, Trump has picked a czar that the crypto industry believes will deliver on his campaign pledges.
On December 6, the price of bitcoin vaulted beyond $100,000 for the first time. “YOU”RE WELCOME!!! [sic]” Trump posted on Truth Social.
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