President-elect Donald Trump has appointed David Sacks, a former PayPal executive and influential podcaster, as his top advisor for artificial intelligence (AI) and cryptocurrency policies.
In a post on 6 December 2024 Trump said Sacks will serve as the “White House AI & Crypto Czar,” a role deemed crucial for bolstering American competitiveness in these pivotal tech sectors.
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Sacks To Play Key Role In Creating Legal Framework
Trump said that Sacks will be instrumental in crafting a legal framework that provides the much-needed clarity and support for the cryptocurrency industry to prosper within the United States.
“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 stated, emphasizing the potential for regulatory advancements that could benefit the sector significantly.
Additionally, Sacks is tasked with protecting online speech and guiding efforts to counteract bias and censorship by major technology firms. Trump also noted that Sacks would lead the Presidential Council of Advisors for Science and Technology.
Sacks, a notable figure in the tech industry, co-founded Yammer, which Microsoft acquired for $1.2 billion in 2012, and he currently co-hosts the “All In” podcast while managing Craft Ventures, a venture capital firm he helped establish.
The appointment reflects Trump’s commitment to integrating leaders from the business world who supported his campaign into his administration.
Sacks, who has been a vocal supporter of Trump, organized a fundraiser earlier this year that generated $12 million for Trump’s campaign.
Donald Trump has named David Sacks the "White House AI and Crypto Czar"
It's time to build. pic.twitter.com/5VnWkMYFtD
— Shaun Maguire (@shaunmmaguire) December 6, 2024
The President-elect has embraced the crypto sector as a key element of his campaign, promising to transform the US into the global epicentre for cryptocurrency. This has garnered substantial financial backing from industry leaders.
Trump’s recent appointments, including Sacks and pro-crypto figures like Paul Atkins for the Securities and Exchange Commission, signal a potential shift in policy direction favoring the crypto industry.
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Trump Picks Crypto Ally Paul Atkins As Next SEC Chair
Earlier this week, reports claimed that Trump has selected Paul Atkins, a crypto advocate and former SEC commissioner, as his choice to lead the Securities and Exchange Commission (SEC).
Currently, Atkins is the CEO of Patomak Global Partners, a consulting firm specializing in strategy and risk management.
Atkins served as an SEC commissioner from 2002 to 2008, and his background aligns closely with the cryptocurrency industry.
Under the Biden administration, outgoing SEC Chair Gary Gensler took a stringent approach to the crypto industry, initiating enforcement actions against several high-profile companies and projects.
Trump has been critical of Gensler’s policies, promising during his campaign to fire him “on day one.” However, Gensler pre-empted this move by announcing his resignation, effective January.
As reported, the SEC has taken a tougher stance against crypto firms in 2024. More specifically, the regulator imposed nearly $4.7 billion in enforcement actions against crypto companies, a 3,018% increase from 2023.
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