 "US President-elect Donald Trump appoints former PayPal exec David Sacks as AI and crypto czar. Source: Reuters.")
David Sacks, a former Chief Operating Officer of PayPal, has been appointed by the United State’s first artificial intelligence and crypto czar, a new post created by US President-elect Donald Trump.
“David O.Sacks will be the ‘White House A.I. & Crypto Czar’,” announced Trump on Thursday on his Truth Social handle.
“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 said.
‘Important role’
Trump further said that in this “important role”, 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. ”
The US President-elect went on to say that David will “safeguard Free Speech online, and steer us away from Big Tech bias and censorship.”
As per Trump, David will also be working on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the US. “
David will also be leading the Presidential Council of Advisors for Science and Technology, Trump informed.
“David has the knowledge, business experience, intelligence, and pragmatism to MAKE AMERICA GREAT in these two critical technologies,” the US President-elect said.
Trump crypto push, after Atkins, a post for David
The crypto czar and other officials in Trump’s incoming administration including chairs of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are expected to reshape US policy on digital currency along with a newly created crypto advisory council.
On Wednesday, Trump nominated prominent Washington lawyer and crypto advocate Paul Atkins to lead the SEC. Soon after the announcement, Bitcoin, the oldest and most traded cryptocurrency surged past $100,000 for the first time.
Trump - who once labeled crypto a scam - embraced digital assets during his campaign and promised to make America the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.
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More ShortsWho is David Sacks, Trump’s AI & Crypto Czar pick
David Sacks was PayPal’s founding-era COO, part of the legendary “PayPal Mafia.”
Born in South Africa, 52-year-old David also founded enterprise software company, Yammer, which was acquired by Microsoft for $1.2 Billion after which he founded Craft Ventures, a venture capital firm based in San Francisco.
According to a report by Reuters, David is also a former chief executive of software company Zenefits and founded Yammer, a social network for enterprise users.
David is co-host of the All-In Podcast, the top podcast in Tech, where he and his friends discuss economic, political and social issues.
As per a report in Bloomberg, David’s appointment to the White House would not require him to divest or publicly disclose his assets. Just like Elon Musk, he will be a special government employee and can serve a maximum of 130 days per year, with or without compensation.
As per reports the post of White House AI and crypto czar has been created to help bridge the gap between crypto industry stakeholders and the government. The person in position is expected to provide cryptocurrency advocates a direct line to the White House.
The position holder is also said to serve as a liaison between Trump, Congress and the federal agencies that interface with digital assets, including SEC and CFTC.
With inputs from agencies.