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A Silicon Valley investor connected to Elon Musk was appointed by President-elect Donald Trump as the White House's chief of policy for cryptocurrency and artificial intelligence. This shows the growing power of tech executives and supporters in the incoming government.
David Sacks is the first American czar for AI and cryptocurrency. On Thursday, US President-Elect Donald Trump declared that the former CEO of Paypal had been appointed to the newly created position.
Who is David Sacks?
On Trump's Truth Social platform, he stated that Sacks would lead the Administration's policies on AI and Cryptocurrency, two sectors important to the future of the American economy. David Sacks is a venture capitalist who collaborated with Elon Musk for over 20 years. He has also made investments in Palantir and SpaceX.
Sacks is most recently renowned as a co-host of the "All In" podcast. In addition to running his own venture capital firm, he introduced Glue, an AI-powered alternative to Slack, this year. In support of the Trump campaign, venture capitalist Sacks hosted high rollers in his San Francisco mansion in June, charging up to $300,000 per person. According to reports, the event brought in over $12 million.
Why This Position Matters?
In order to overturn President Biden's AI executive order and outperform China in the AI race, the newly appointed Trump government has pledged to support and de-regulate cryptocurrency.
Along with a newly established crypto advisory council, the crypto czar and other members of Trump's incoming government, including the heads of the Securities and Exchange Commission, are anticipated to revise US policy regarding digital currency.
Major Roles
According to TrumpTrump, Sacks will protect online free speech and guide against the Big Tech censorship and bias. He will draft laws to give the cryptocurrency sector the certainty it has been seeking so it may prosper in the United States. Additionally, Sacks would serve as the head of the President's Science and Technology Council of Advisors.
Traditionally, it has been an impartial panel of specialists tasked with assisting presidents. They have to help make critical choices and formulate policy recommendations based on solid data. Numerous specialist fields are impacted by their work, ranging from national security and public health to energy and the environment.
Trump referred to Sacks as a czar, but czars have the authority to give orders. It's unclear how much actual influence Sacks can establish with just one foot in the administration. He sounds more like an advisor. Even though Trump initially called cryptocurrency a scam, he courted the business throughout the election and said he would turn the United States into the "crypto capital of the planet."
Trump also declared on Thursday that former Securities and Exchanger Commissioner Paul Atkins would rejoin his cabinet as the agency's head, a decision that the cryptocurrency community enthusiastically embraced.
