On Thursday, president-elect Donald Trump named former PayPal Chief Operating Officer (COO) David Sacks as the new White House AI and Crypto Czar.
Making this announcement on his social network Truth Social, Trump praised Sacks and said that he can make his dream come true, which is to make America “a clear global leader”.
His appointment arrangement is similar to that of Elon Musk, who was recently appointed as the head of the Department of Government Operations (DOGE). He is not a full-time employee, so he can work up to 130 days a year (with or without compensation) and will not have to publicly disclose his assets.
Sacks, who currently hosts the All In podcast and is also a venture capitalist, will assist the government with federal policies regarding cryptocurrency and artificial intelligence.
He will be tasked with leading the President’s Council of Science and Technology Advisers, restricting research, protecting free speech, and protecting the two industries from dominating large technology companies.
His work will also include creating a legal framework for the crypto industry to finally have the transparency it has been seeking for years.
“AI & Crypto Czar” is such a newly created position by Trump that very little is known about the responsibilities that come under it. But with Sacks now in the role, we can expect to find out more soon.
More about David Sacks
David Sacks has a legacy that goes back 25 years. He began his career as a management consultant for McKinsey & Company. Then in 1999, he left his job to start his e-commerce startup Confinity with three other partners.
The company created the first version of PayPal and the entire project was led by Sacks who was later appointed as its COO. He was the backbone of the company, overseeing its sales, marketing, product design, customer service, fraud detection and prevention, human resources, and everything else.
In 2002, eBay acquired PayPal and the bags took a break. He then launched a number of successful companies. Finally in 2020, during the pandemic, he founded the All-In podcast with three other partners covering politics, technology, business and current events.
Sacks’ Stance on Trump
David Sacks’ stance on Trump has changed dramatically. At first, he was very critical of him, especially after the riot in the Capitol on January 6, 2021. In fact, in his podcast, he clearly said that Trump is the cause of the violence.
However, over the years, he gradually came to Trump’s side. In fact, during this year’s campaign, he hosted a high-profile fundraiser in San Francisco for Trump that managed to generate more than $12 million.
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