Published by on

US President-elect Donald Trump announced Thursday that he is appointing David Sacks, former Chief Operating Officer of PayPal, as his ‘White House AI & Crypto Czar’, Cape {town} Etc reports.

Reuters reports that this move marks another step in Trump’s effort to reshape US policy around digital innovation, particularly artificial intelligence (AI) and cryptocurrencies.

Sacks, a well-known figure in Silicon Valley, will be tasked with developing a legal framework for the cryptocurrency industry, providing the clarity it needs to thrive in the US.

‘He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the US,’ Trump wrote in a post on his social media platform, Truth Social. While the title of ‘czar’ is not officially recognised, Sacks’ appointment is seen as significant in shaping the future of US digital policy.

Alongside other key appointments, including the heads of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), Sacks’ role is expected to influence a new approach to digital currency regulation. The appointment is part of Trump’s broader vision to minimise regulatory constraints on emerging technologies like AI and cryptocurrency, which are seen as critical to the nation’s economic future.

Tech industry leaders have praised the selection of Sacks. Elad Gil, a venture capitalist with ties to major tech companies like Airbnb and Coinbase, called the move a ‘strong one’ on social media platform X. OpenAI CEO Sam Altman also congratulated Sacks, while Steve Jang, founder of Kindred Ventures, noted that Sacks would likely advocate for minimal regulation but would focus on key guardrails, particularly for AI applications in critical fields.

Born in Cape Town in 1972, Sacks is a co-founder of Craft Ventures and an early leader at PayPal. He is part of the ‘PayPal Mafia,’ a group of influential tech entrepreneurs. Sacks has long been an advocate for cryptocurrencies and is expected to play a pivotal role in Trump’s vision of making the US a global hub for digital assets.

With Bitcoin recently surpassing $100,000, the appointment of a pro-crypto leader like Sacks is being hailed as a bullish sign for the future of digital currencies in the US.

Also read:

Western Cape students triumph at IISEEF in Türkiye for science projects

Picture: Scott Olson/Getty Images

Article written by