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President-elect Donald Trump has named venture capitalist David Sacks as White House artificial intelligence and cryptocurrency czar, the latest Elon Musk confidant to receive a major appointment in the new administration.
Sacks, who was one of the first employees alongside Musk at PayPal, is co-host of the show All inclusive podcast and became one of Trump’s first and most vocal supporters in Silicon Valley, hosting a fundraiser for the candidate in San Francisco in June.
“David has the knowledge, business experience, intelligence and pragmatism to MAKE AMERICA GREAT in these two critical technologies,” Trump posted on his social media platform, Truth Social.
“He will work on a legal framework so that the crypto industry gets the clarity it demands and can thrive in the United States,” he added.
Regulating AI and crypto are two of the new administration’s most pressing priorities.
Crypto investors and founders are hoping that Trump will take a more industry-friendly approach than Joe Biden’s administration, after the president-elect offered vocal support for digital currencies during his campaign.
This week, Trump nominated industry-friendly Paul Atkins to head the Securities and Exchange Commission. The price of bitcoin, which has soared since the election, topped $100,000 for the first time on Thursday after Atkins was selected.
Trump’s stance on AI is less clear, but during his first term he issued an executive order “committing to strengthening U.S. leadership in AI” and many in the industry expressed support. expect lighter regulations.
Sacks supported Trump on social media and through his podcast during the campaign. His support earned him a speaking slot at the Republican National Convention in July.
He has spoken out on foreign policy issues as well as technology concerns, including repeatedly criticizing President Biden’s approach to Russia’s invasion of Ukraine. Sacks instead pleaded for kyiv to “make a deal” to secure a quick ceasefire with Moscow.
His nomination creates a further link between Trump’s Republican Party and Silicon Valley, which is historically a Democratic stronghold.
Musk is the most prominent member of the tech elite to play a role in the new administration, but other high-profile figures such as venture capitalist Marc Andreessen have played informal roles, such as helping find candidates for the Department of Government Effectiveness, or DOGE.
Sacks is part of the so-called PayPal Mafia, a group of founders and early employees of the payments company that includes Musk, Palantir co-founder Peter Thiel, LinkedIn co-founder Reid Hoffman and managing partner of Sequoia Roelof Botha.
He deepened his ties to Musk by backing a number of the entrepreneur’s companies, including xAI, X and SpaceX, through his venture capital firm Craft Ventures.
Sacks launched its own AI chat platform called Glue in May.
Craft said Sacks’ new position would not require him to leave his position with the company.
“Czar has an advisory role and has the same government classification as DOGE, which does not require David to leave Craft,” the company said.
