Trump aims to establish more cryptocurrency-friendly regulations under his administration by creating a new cryptocurrency position in the White House. He chose David Sacks.
US President-elect Donald Trump announced that venture capitalist Craft Ventures David Sacks will be the White House’s AI and cryptocurrency czar. This position is a new addition to the government agency after Trump set a goal of making the United States the cryptocurrency capital of the world.
Sacks will guide artificial intelligence and cryptocurrency regulation and establish the legal framework for both industries. He will also lead the President’s Council of Advisors on Science and Technology.
“We are pleased to announce that David O. Sacks will be the “White House AI and Cryptocurrency Czar.” In this important role, David will lead artificial intelligence and cryptocurrency governance policy, two areas critical to the future of American competitiveness.”
In his Truth Social post on December 6, Trump said:
This position is expected to provide better cryptocurrency advocates along with direction from the President. Sacks will also serve as a liaison between Trump, Congress, and relevant cryptocurrency agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
David Sacks supports the Trump campaign
According to Bloomberg, Sacks is one of Trump’s followers. He worked as a San Francisco-based venture capitalist where he played a key role in boosting campaign funding among the technology industry. He also maintains a close relationship with Vice President-elect J.D. Vence.
In his new position, Sacks will also work closely with Elon Musk as director of the Department of Government of Efficiency (DOGE). As a special government employee like Elon, Sacks does not have to keep his assets closed to the public and can work up to 130 days per year.