Trump Appoints PayPal Veteran David Sacks as ‘White House AI and Crypto Czar’

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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December 5, 2024 23:57 EST

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President-elect Donald Trump on Thursday night named venture capitalist and ex-PayPal COO David Sacks as his administration’s “AI and crypto czar.”

“In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness,” Trump said in a Truth Social post. “David will focus on making America the clear global leader in both areas.”

Sacks will develop a legal framework to provide the clarity the crypto industry has been seeking, he added.

PayPal Mafia’s David Sacks Gains Spotlight in Trump’s Crypto and AI Agenda

Sacks belongs to Silicon Valley’s “PayPal Mafia,” a group of influential entrepreneurs and ex-PayPal employees like Elon Musk and Peter Thiel. Formed in the early 2000s, this group has shaped the tech industry through successful ventures and investments, leveraging their strong networks and collaboration.

He also gained prominence by founding Yammer, which he sold to Microsoft in 2012 for about $1.2b.

Reports earlier indicated that the incoming Trump administration considered Chris Giancarlo, former CFTC chair, for the “crypto czar” role.

Former Trump Critic Rises as Crypto Advocate and Administration Ally

Sacks’ appointment signals that the second Trump administration is rewarding Silicon Valley figures who supported his campaign. Moreover, it indicates that the administration will push for policies generally supported by crypto entrepreneurs.

Earlier this year, Sacks became a major Trump booster by hosting a fundraiser in San Francisco for the then-Republican nominee. At this event, tickets went for $50,000 each, with a $300,000 tier that offered perks like a photo with Trump.

This represented a stark change for Sacks, who had sharply criticized Trump following the Jan. 6, 2021, Capitol riot. Shortly after, on an episode of his All-In podcast, Sacks stated that Trump was “clearly” responsible for those events and had disqualified himself from national candidacy.

In recent years, Sacks has gained prominence as the host of the All-In podcast, co-hosting with investors Chamath Palihapitiya, Jason Calacanis and David Friedberg. In his post, Trump described it as the “top podcast in Tech,” where they discuss economic, political and social issues.

This week, Trump named Paul Atkins, a seasoned financial regulator and crypto advocate, to head the SEC. Explaining his choice, Trump called Atkins a “proven leader for commonsense regulations” and praised his stance against overregulating markets.