President-elect Donald Trump has appointed David Sacks, former PayPal Chief Operating Officer (COO), as the White House AI and cryptocurrency czar.
In a statement on the 5th (local time), Trump said, "I am pleased to appoint former COO Sacks as the White House AI and cryptocurrency czar," adding, "Former COO Sacks will lead the administration's policies on two critical future sectors for America's competitiveness: AI and cryptocurrency." He also stated, "Former COO Sacks will lead the President's Council of Advisors on Science and Technology (PCAST)," and added, "He will establish a legal framework to secure the clarity demanded by the cryptocurrency industry and enable it to thrive in the United States."
Former COO Sacks is one of the 'PayPal Mafia,' a group that includes Tesla CEO Elon Musk and the original members who led the early days of PayPal. Although he previously supported former Secretary of State and Democratic presidential candidate Hillary Clinton, he has since shifted to the right. Notably, during this election, he spearheaded a large-scale fundraising project for President-elect Trump alongside CEO Musk and took a leading role in rallying support for Trump in Silicon Valley.
Since President-elect Trump has pledged to be a "pro-Bitcoin president" who actively fosters the cryptocurrency industry from his candidacy days, this appointment is seen as a message that the cryptocurrency sector will receive stronger support in the second Trump administration. Former COO Sacks is expected to coordinate cryptocurrency-related departments and regulatory authorities such as Congress, the White House, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) to promote Trump’s cryptocurrency-friendly policies.
Bloomberg highlighted former COO Sacks’ extensive IT startup experience and venture capital background accumulated in Silicon Valley, stating that he will help imprint Trump’s presence on the rapidly popularizing AI technology. Close cooperation with CEO Musk, with whom he built ties at PayPal, is also anticipated. It is assessed that Musk’s AI company xAI and the chatbot 'Grok' will receive significant support in competing with big tech companies.
Like CEO Musk, who was appointed head of the Department of Government Efficiency (DOGE), former COO Sacks is expected to hold the status of a special government official. Bloomberg explained, "Former COO Sacks is not required to sell or disclose his assets," and "He can work unpaid for up to 130 days per year." However, it emphasized, "Special government officials are also subject to conflict of interest regulations and must recuse themselves from matters that could affect their holdings."
Meanwhile, former U.S. Treasury Secretary Lawrence Summers appeared on Bloomberg TV the same day and expressed opposition to the idea that the government should hold Bitcoin as a strategic reserve asset. Summers criticized, "The notion that the government should accumulate ‘strategic reserve Bitcoin’ is crazy." The U.S. federal government is known to hold approximately 200,000 Bitcoins.
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