Chief Operating Officer of PayPal, David Sacks has been appointed as the czar for artificial intelligence and cryptocurrency by US President-elect Donald Trump. Appointing Sacks in an announcement made on Thursday, marked a major shift in US policy direction
Sacks played a major role in the early days of PayPal which was later acquired by eBay in 2022. Additionally, he has also served as the CEO of the software company Zenefits and the founder of Yammer.
Trump stated in a post on the social media platform, Truth Social that he is going to develop a legal framework for cryptocurrency which is much needed. He added that this framework will help crypto flourish in the United States.
It is anticipated that current US digital policy will be refined with the support of a newly formed crypto advisory council. The major role in this transformation will be played by Sacks together with the heads of the Commodity Future Trading Commission, the Securities and Exchange Commission, and other key figures in the upcoming administration of Trump.
Supporters of Trump’s technology have advocated that there should be minimal regulations on AI and cryptocurrencies such as Bitcoin. They added to their argument that excessive government oversight could choke innovation in these developing sectors.
Trump also nominated Paul Atkins, a well-known Washington attorney and crypto supporter to lead the SEC on Wednesday. The cryptocurrency community widely welcomed this decision.
Although cryptocurrency was earlier labelled as a ‘scam’ by Trump, he embraced digital assets during his campaign. He took a vow to transform the United States into the crypto capital of the planet and also to build a national reserve of bitcoin.
Trump has also mentioned that David Sacks will have an additional duty as he is going to chair a White House advisory council which will be focused on science and technology.
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