Trump Appoints Former PayPal COO David Sacks as 'AI and Crypto Czar'

President-elect Donald Trump has appointed David Sacks, the former Chief Operating Officer of PayPal and co-host of the popular "All In" podcast, as his top advisor on artificial intelligence (AI) and cryptocurrency. In a December 6 post on his social media platform, Truth Social, Trump announced that Sacks will take on the role of “White House A.I. & Crypto Czar,” emphasizing the importance of these sectors for the future competitiveness of the United States.

A New Role for Sacks

Trump stated that Sacks will be responsible for developing a legal framework to provide the clarity the cryptocurrency industry has long requested, allowing the sector to thrive in the U.S. In addition to his work on crypto, Sacks will also focus on protecting online speech and steering the country away from perceived bias and censorship by Big Tech. Furthermore, Sacks will lead the Presidential Council of Advisors for Science and Technology.

“David O. Sacks will be the ‘White House A.I. & Crypto Czar,’” Trump wrote. “He will work on a legal framework so the Crypto industry has the clarity it has been asking for and can thrive in the U.S.”

Sacks’ Background and Influence

Sacks brings significant experience in the tech world to his new role. As an early executive at PayPal, he played a key role in the company’s success before it became a global payment giant. He is also the co-founder of the business social network Yammer, which was acquired by Microsoft for $1.2 billion in 2012. Sacks has since gained recognition as a co-host of the “All In” podcast, which covers business and political issues, and as the co-founder of the venture capital firm Craft Ventures.

Known for his support of free-market principles and technological innovation, Sacks is a high-profile figure in Silicon Valley. His appointment underscores Trump’s strategy of involving influential business leaders who have backed his campaign.

Strengthening Ties with the Crypto Industry

Trump’s choice of Sacks also aligns with his strong embrace of the cryptocurrency industry during his campaign. Trump has made several promises to make the United States the global leader in crypto, attracting millions of dollars in support from industry executives. Sacks has been an active supporter of Trump, having hosted a fundraising event earlier this year that raised $12 million for the Republican candidate.

In addition to Sacks, Trump has appointed other pro-crypto figures, including Elon Musk, to advisory roles. On December 4, Trump also nominated Paul Atkins, a prominent crypto advocate, to lead the Securities and Exchange Commission (SEC). This move is seen as a step towards reducing the agency’s aggressive enforcement actions against crypto companies.

Memecoin Surges Following Appointment

Coincidentally, a memecoin endorsed by Sacks earlier this year saw a massive surge in value, jumping 16,000% to a new high following Trump’s announcement. The coin, which had been mostly dormant since March, gained significant traction after the post, underscoring the influence Sacks has within the crypto community.

As the “AI and Crypto Czar,” Sacks is expected to play a key role in shaping U.S. policy on these critical technologies, offering clarity and fostering innovation in both the cryptocurrency and AI sectors.