- December 6, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post David Sacks Appointed as Crypto Czar by Donald Trump to Lead AI and Blockchain Policies appeared first on Coinpedia Fintech News
After Bitcoin reached the $100K milestone, Donald Trump made another huge appointment, this time in the AI and Tech sector. He named David Sacks, a tech heavyweight and former COO of PayPal, as his White House Artificial Intelligence (AI) and Cryptocurrency Czar. This announcement comes just a day after Trump selected Paul Atkins, a well-known cryptocurrency advocate, to chair the SEC.
This is a big change for the crypto industry, which suffered tremendous losses due to the SEC’s overreach and unfair regulations. These regulations complicated trading for not only US citizens but also stopped big companies from entering the crypto space for a very long time. Post-election, many new companies are heading towards Bitcoin from all sorts of sectors, like AI, Healthcare, Automobiles, and Technology.
In the meanwhile, Bitcoin hit an all-time high of $103,679 on December 5, 2024, showcasing its immense growth since its all-time low of $67.81 on July 6, 2013. While it has dipped 6.11% from its peak, the staggering 143,450% rise from its lowest point underscores its long-term growth trajectory and resilience in the market. Currently, Bitcoin is trading at $ 97,341.
Why David Sacks?
Trump’s choice of Sacks is no surprise. Sacks is a highly respected entrepreneur with a stellar track record in the tech world. He’s invested in major companies like Facebook, SpaceX, Airbnb, and Palantir through his venture fund, Craft Ventures. He also co-founded Yammer, a software company Microsoft acquired for over $1 billion.
In his new role, Sacks will be responsible for guiding U.S. policy in two critical areas: artificial intelligence and cryptocurrency. Trump highlighted the importance of Sacks’ role, saying he would work to make America a global leader in these fields while ensuring free speech is protected from what he called “Big Tech bias and censorship.”
Clear Crypto Rules on the Way
One of Sacks’ key tasks will be to develop a clear legal framework for the cryptocurrency industry. This clarity has been a long-standing demand from crypto companies struggling with regulatory uncertainty. Trump said Sacks’ work will help the U.S. crypto market thrive. Moreover, Sacks will also chair the Presidential Council of Advisors for Science and Technology, where he will drive innovation in AI and other cutting-edge technologies.
Industry Cheers for Sacks
The tech and crypto community is excited about this move. Chris Pavlovski, CEO of Rumble, called it a win for free speech and praised Sacks’ expertise. Dennis Porter, a crypto advocate, said Sacks’ industry knowledge and bold approach make him the perfect fit for this role.
Ripple CEO Brad Garlinghouse congratulated David Sacks on his appointment as the White House AI and Crypto Czar, praising his deep understanding of technology and his alignment with pro-innovation policies for crypto and AI under President Trump. Garlinghouse called this a “dream team,” reflecting high optimism for Sacks’ role in advancing tech innovation in the U.S.
This appointment signals Trump’s focus on positioning the U.S. as a tech powerhouse, balancing innovation with regulatory clarity and free speech safeguards.
