Trump selects David Sacks as White House appointee

Trump aims to create a more favorable regulatory environment for cryptocurrency under his administration by appointing a new crypto position in the White House. He has chosen David Sacks, a venture capitalist from Craft Ventures, to be the White House’s AI and crypto czar. This new position was established as part of Trump’s plan to make the United States the global hub for cryptocurrency.

Sacks will be responsible for overseeing the development of regulations for artificial intelligence and crypto, as well as establishing legal frameworks for both industries. He will also lead the Presidential Council of Advisors for Science and Technology.

The appointment of Sacks is expected to bring about stronger advocacy for cryptocurrency, in line with the president’s goals. He will also act as a liaison between Trump, Congress, and other crypto-related agencies such as the Securities and Exchange Commission (SEC) and the Commodity and Future Trading Commission (CFTC).

In addition, Sacks has played a significant role in supporting Trump’s campaign by mobilizing funds from the technology sector. As a venture capitalist based in San Francisco, he has close ties with Vice President-elect JD Vance. In his new role, Sacks will collaborate closely with Elon Musk, serving as the Director of the Department of Government Efficiency (D.O.G.E). Like Musk, Sacks, as a special government employee, is not required to publicly disclose his assets and can serve a maximum of 130 days per year.

There are also discussions about Trump considering the appointment of Paul Atkins as the chair of the SEC to regulate cryptocurrency.