President-elect Trump announced Thursday that venture capitalist David Sachs will become the White House's artificial intelligence (AI) and cryptocurrency czar.
In his new role, President Trump will lead the administration's policy on AI and cryptocurrencies, including establishing a legal framework for the crypto industry, Trump wrote in a post on Truth Social. mentioned in.
“David is focused on making America the clear world leader in both areas,” the president-elect said. “He will protect free speech online and keep us away from Big Tech's bigotry and censorship.”
Trump said Sacks will also serve as chair of the President's Council of Science and Technology Advisers.
“David has the knowledge, business experience, intelligence and pragmatism to make America great in these two critical technologies,” he added.
Mr. Sachs was an early member of PayPal, along with Elon Musk, a technology mogul and key ally of Mr. Trump. The two are part of a larger group of technology founders, also known as the PayPal Mafia, which includes former PayPal CEO Peter Thiel and LinkedIn co-founder Reid Hoffman.
This new position, like several of Trump's recent cabinet appointments, signals Trump's relatively new approach to cryptocurrencies.
Despite previously dismissing cryptocurrencies as a “scam,” Trump courted the industry during the campaign, declaring he would make the United States the “crypto capital of the planet.”
President Trump also announced Thursday that former Securities and Exchange Commission Commissioner Paul Atkins would return to head the agency in his administration, a move widely welcomed in the cryptocurrency industry.
Atkins currently serves as co-chair of the digital chamber Token Alliance. He will replace outgoing SEC Chairman Gary Gensler, who has been a major source of frustration in the crypto industry.
Bitcoin prices soared following President Trump's victory last month, topping $100,000 for the first time on Wednesday. The president-elect praised the milestone in a post on Truth Social, saying, “Congratulations Bitcoiners!!!” 100,000 dollars! ! ! you're welcome! ! ! “
