Venture capitalist David Sachs has been selected as President-elect Trump's White House Czar for Artificial Intelligence (AI) and Cryptocurrency, a newly created role that will lead the administration's policy on the two technologies. It happened.
“David will be focused on making America the clear world leader in both areas,” Trump said in a post on Truth Social Thursday night. “He will protect free speech online and keep us away from Big Tech's bigotry and censorship.”
Mr. Sachs will also head the President's Council of Science and Technology Advisors, making him a key spokesperson for Mr. Trump's support in Silicon Valley.
He entered the technology world in 1999 at PayPal, where he became chief operating officer. He and several other early members of the company went on to found other successful technology companies, earning them the nickname “PayPal Mafia.”
The group includes former PayPal CEO Peter Thiel, LinkedIn co-founder Reid Hoffman, Yelp co-founder Jeremy Stoppleman, and, most notably, billionaire technologists. This includes Elon Musk, king and ally of President Trump.
After leaving PayPal, Sachs founded Yammer, an enterprise social networking platform that was acquired by Microsoft in 2012 for $1.2 billion. In 2017, he launched a venture capital firm, Craft Ventures.
Sacks also hosts a podcast called “All-In” with fellow entrepreneurs Chamath Palihapitiya, Jason Karakanis and David Friedberg.
Trump appeared on the podcast in June, shortly after Sachs and Palihapitiya hosted a fundraiser for the former president in San Francisco that raised millions of dollars.
Sachs has supported numerous conservative candidates over the years, and donated to former Republican presidential candidates John McCain and Mitt Romney in 2008 and 2012, according to OpenSecret.
But in 2016, he donated thousands of dollars to the Democratic National Committee (DNC) and then-candidate Hillary Clinton. As of 2020, he does not appear to support President Trump or President Biden.
In the years since, Mr. Sachs has again made large contributions to Republican candidates, including Vice President-elect J.D. Vance's Senate campaign.
He formally endorsed Trump in June, arguing that the former president had performed better than Biden on the economy, foreign policy and immigration. He also expressed concern about the multiple lawsuits pending against Trump, which he described as “legal actions.”
Sachs' appointment as AI and cryptocurrency czar on Thursday drew excitement from a small but growing number of fellow Silicon Valley conservatives in an industry once considered a strong ally of Democrats. .
“Excited to see @DavidSacks serve as an AI and crypto czar,” Palantir advisor Jacob Helberg wrote on social platform X.
Helberg, a prominent Democratic donor who previously gave to Biden, Vice President Harris and Transportation Secretary Pete Buttigieg, has given at least $2 million to Trump this term.
“Very few people combine a deep understanding of technology with operational experience,” he added. “He will be a valuable addition to the administration, and his selection reflects @realDonaldTrump's unique ability to attract top talent to government.”
Sachs’ nod also received broad support from the crypto industry, which had so far been pleased with the president-elect’s crypto-friendly cabinet appointments.
“David Sachs' unparalleled track record as an entrepreneur, investor, and innovator places him at a pivotal moment in the evolution of the industry,” Kristin Smith, CEO of the Blockchain Association, said in a statement. “He is uniquely suited to lead the nation's crypto policy.”
“Mr. Sachs' vision and expertise will enable the United States to regain leadership in the global race to develop and leverage AI and cryptography,” she added.
President Trump said in his announcement that Sachs will be tasked with developing a legal framework for cryptocurrencies. Throughout the Biden administration, the industry has expressed frustration with the lack of legal clarity.
Much of the cryptocurrency industry's anger has been directed at Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has often accused him of using enforcement regulation.
Earlier this week, President Trump announced that former SEC Commissioner Paul Atkins, a crypto advocate, would return to run the agency in his administration, much to the delight of the industry and its supporters.
Rep. Patrick McHenry (RN.C.), the outgoing chairman of the House Financial Services Committee, said of It reflects,” he wrote. The execution is over. ”
“Thanks to people like David Sachs and Paul Atkins, the future of the U.S. digital asset ecosystem is brighter than ever,” he added.
Trump once downplayed cryptocurrencies as a “scam” but came to embrace the industry during his campaign. At a Bitcoin conference in August, he vowed to make the United States the “crypto capital of the planet.”
Bitcoin has soared since President Trump's victory last month, topping $100,000 for the first time on Wednesday. As of Friday afternoon, the price of one Bitcoin was just over $101,000, down slightly from its high of $103,000 earlier this week.
