Trump names ex-PayPal exec David Sacks as AI and crypto policy leader

Post by : Omar Nasser

Photo : Reuters

Donald Trump, the next President of the United States, has named David Sacks, a former leader at PayPal, as his new “White House A.I. & Crypto Czar.” This means Sacks will help the U.S. create new rules for artificial intelligence and cryptocurrencies like Bitcoin. Trump shared this on his site, Truth Social. He said Sacks will work on clear laws so the cryptocurrency industry can grow easily in the United States. However, Trump did not say if the title “czar” is an official government position.

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David Sacks will work alongside other officials in Trump’s new administration, including the leaders of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). They will work with a new group called the crypto advisory council. This group will focus on creating new rules for cryptocurrencies and digital money.

Trump and his supporters believe there should be very few laws for artificial intelligence and cryptocurrencies. They think that too many restrictions could stop new technology and growth. Many business leaders share this belief.

Elad Gil, an investor in companies like Airbnb and Coinbase, praised Sacks’ appointment. Sam Altman, CEO of OpenAI, also congratulated Sacks on Steve Jang, another investor, said that Sacks will focus on how AI is used in specific areas instead of controlling its development completely.

Trump has also nominated Paul Atkins, a lawyer and crypto supporter, to lead the SEC. This is seen as a positive move for the cryptocurrency market because it shows that the U.S. government may now support crypto businesses more. Even though Trump once called cryptocurrencies a scam, he promised during his campaign to make the United States the “crypto capital of the planet” and to stockpile Bitcoin.

Bitcoin recently broke $100,000 for the first time in history. Experts think that Trump’s administration could push Bitcoin and other cryptocurrencies even higher. Matthew Dibb, an expert in cryptocurrency, said that Sacks knows a lot about cryptocurrencies and has a strong understanding of how they work.

David Sacks is 52 years old and has had a successful career. He was born in South Africa and co-founded a venture capital firm called Craft Ventures. He was also a key leader at PayPal, which is a popular online payment company bought by eBay in 2002. Sacks is part of a group known as the “PayPal Mafia,” which includes successful leaders like Peter Thiel and Elon Musk, who are also Trump supporters.

Sacks was the CEO of a company called Zenefits, which provides software for companies, and he also founded Yammer, a social media network used by many businesses. Sacks has been a strong supporter of cryptocurrencies for years. In 2017, he told that Bitcoin was helping to change the way the internet works, calling it the “internet of money.”

Now, David Sacks will lead a new group focused on science and technology as part of his role. This council will focus on creating rules for artificial intelligence and cryptocurrencies as Trump builds his administration.

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