2024-12-07
President-elect Donald Trump on Dec 5, 2024, has appointed David Sacks, former COO of PayPal, as the new AI and Crypto Czar.
Sacks will be responsible for guiding policy on artificial intelligence and
cryptocurrency, aiming to make the U.S. a global leader in these areas.
David Oliver Sacks, born on May 25,
1972, in Cape Town, South Africa, is a prominent entrepreneur, author, and
investor in the technology sector. He emigrated to the United States at the age
of five.
Sacks was a former Chief
Operating Officer (COO) and product leader at PayPal.
The title "AI and Crypto
Czar" is an informal designation for a high-ranking government official
responsible for overseeing and shaping policies related to artificial
intelligence (AI) and cryptocurrencies.
He will work on a legal framework
providing clarity and support for the crypto industry, which has long lobbied
for consistent regulations and work with a newly created crypto advisory
council.
He will also lead the Presidential
Council of Advisors for Science and Technology and work on creating a legal
framework to provide clarity for the crypto industry.
For AI regulations, Sacks will
prioritize the regulation of AI's application in critical areas (e.g.,
healthcare, defense) rather than imposing strict controls on AI model
development, addressing concerns of overregulation from tech advocates.
This appointment of David Sacks as the "White House A.I. & Crypto Czar" under President-elect Donald Trump's administration marks an important policy pivot towards embracing digital assets and artificial intelligence.
Sacks, a veteran in the tech
industry and a prominent venture capitalist, brings deep expertise in fintech,
crypto, and AI to the role. This move is widely seen as part of a broader
strategy to establish the United States as a global leader in cryptocurrency
and artificial intelligence innovation.
