President-Elect Donald Trump named David Sacks his selected “ AI and Crypto Czar adding to the bullish sentiment in the crypto market.
Donald Trump who will be inaugurated in January 2025 announced the development via Truth Social saying Sacks would be tasked with providing a legal framework for the crypto industry.
“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,” Trump said
“Sacks 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 added.
David Sacks’ nomination is the latest from the President-elect as he continues to assemble his team in preparation for his inauguration in January.
Trump’s New Crypto Czar is a crypto investor
Trump’s new Crypto Czar, David Sacks is no stranger to the global crypto and finance community.
- The new nominee was the former Chief Operating Officer at Paypal and is a limited partner in MultiCoin Capital, coming on board in 2018.
- He is also a general partner and co-founder at Craft Ventures, which has Bitgo and Bitwise as part of its portfolio companies.
- Trump in his announcement spelled out Mr. Sacks’ job description and what is expected of him.
- He announced that he will be tasked with creating a much-needed regulatory clarity for the crypto industry while also guiding policy for the trumps administration on Artificial intelligence and cryptocurrency.
- David Sacks’ nomination comes after the nomination of Paul Atkins to replace Gary Gensler as the new Chief of the United States Securities and Exchange Commission.
Paul Atkins is Pro crypto and his nomination was openly celebrated by the global crypto community. The SEC under Gary Gensler will be remembered for its mixed signals and subtle litigations with various crypto founders.
Donald Trump is perceived as a crypto-friendly president and his election victory kick-started a bull run that saw Bitcoin smash its all-time high of $73,737.
Several Altcoins and memecoins followed suit with the memecoin category outperforming other categories.
Memecoins like PNUT, Chill Guy, and Dogecoin over-performed making many of its early backers rich from the bull cycle.
What to Know
- Donald Trump’s nomination announcements so far have met subtle criticism as many point out that most of those nominated are not grounded in their designated fields.
- David Sacks belongs to the purported “Paypal Mafia” which also includes Elon Musk and Peter Theil.