Trump appoints David Sacks to lead AI and crypto initiatives
Donald Trump announced that David Sacks, recently prominent in the venture capital industry, will be his point person for artificial intelligence (AI) and cryptocurrencies in the administration. Trump described him as the cryptocurrency "czar," whose task will be to "safeguard Free Speech online."
David Sacks, the founder of the Craft Ventures fund, played a crucial role in garnering support and funds for Donald Trump during the campaign in Silicon Valley. Bloomberg notes that Sacks led a fundraiser for Trump's election fund among tech industry donors. He also co-hosted an event at his home in San Francisco in June, with tickets priced at $300,000 (£235,000) per person.
Trump has chosen a cryptocurrency "czar" for the president's administration
Sacks is also closely connected with Vice President-elect J.D. Vance, a former investor and currently a senator for the state of Ohio.
“David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas,” Trump wrote on Truth Social.
Bloomberg reminds us that Sacks is a member of the so-called PayPal Mafia. He became known in the tech industry when he was COO at PayPal, where he met the likes of Elon Musk and Peter Thiel. In 2017, Sacks founded Craft Ventures, which invested in companies associated with Elon Musk, including SpaceX.
Trump's appointee accepts his position
Sacks had previously indicated that he was unlikely to take a position in the administration, but his latest statement suggests he has changed his mind. “I am honoredand grateful for the trust you have placed in me [...] Under your leadership, the future is bright,” Sacks wrote on the platform X.
A spokesperson for Craft told Bloomberg that Sacks remains with the fund. Trump stated that Sacks "will safeguard Free Speech online, and steer us away from Big Tech bias and censorship".
