President-elect Donald Trump has named venture capitalist and former PayPal executive David Sacks as the new White House advisor on artificial intelligence and cryptocurrency, dubbing him the "White House A.I. & Crypto Czar."
The announcement came via Truth Social, where Trump outlined Sacks' primary objectives: establishing American leadership in AI and cryptocurrency technologies while protecting free speech and addressing Big Tech censorship concerns.
Sacks, 52, brings extensive technology sector experience as PayPal's former Chief Operating Officer and founder of Yammer, which Microsoft acquired for $1.2 billion. He currently heads Craft Ventures, a venture capital firm he founded in 2017.
The appointment marks a notable shift in Sacks' stance toward Trump. Previously critical of the former president's actions during January 6, 2021, Sacks has since become a supporter, hosting a $50,000-per-person fundraiser at his San Francisco home in June.
As Crypto Czar, Sacks will chair the Presidential Council of Advisors for Science and Technology, shaping policy recommendations on technology and innovation. Trump emphasized that Sacks will work to develop a clear legal framework for the cryptocurrency industry to flourish in the United States.
The appointment aligns with broader changes in Trump's incoming administration, including the nomination of Paul Atkins, a cryptocurrency industry ally, to lead the Securities and Exchange Commission.
Industry experts anticipate Sacks' appointment may signal a shift toward reduced regulation in both AI and cryptocurrency sectors, potentially accelerating technological development and innovation in these fields.