Cryptocurrency

Donald Trump

President-elect Donald Trump has appointed David O. Sacks, formerly PayPal’s COO, as his “czar” for artificial intelligence and cryptocurrency. This decision marks a significant move in reshaping US policy.
Trump stated that Sacks would play a key role in preserving free expression online and addressing issues of Big Tech’s influence and censorship. Sacks is also set to oversee the Presidential Council of Advisors for Science and Technology.
<h2 id="steering-away-from-big-tech-bias-and-censorship">Steering Away From Big Tech Bias And Censorship</h2>
In a December 6th <a href="https://truthsocial.com/@realDonaldTrump/posts/113603133222686186" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">post</a> on his social media platform Truth Social, Trump said,
<blockquote>
 “David will focus on making America the clear global leader in both areas. He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship. He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the US.”
</blockquote>
Under Trump’s leadership, the crypto czar, alongside the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) chairs, is expected to lead efforts to overhaul digital currency policies, supported by a newly established advisory council.
Advocates within Trump’s tech base favor minimal government intervention in AI and cryptocurrencies like Bitcoin, asserting that excessive regulations risk stifling innovation in these emerging sectors.
Sacks played a key role at PayPal in its early days and co-founded Yammer, later acquired by Microsoft for $1.2 billion in 2012. He has since become known for co-hosting the popular All In podcast.
<h2 id="who-is-david-o-sacks">Who is David O. Sacks?</h2>
The 52-year-old South African-American entrepreneur was among the first to champion cryptocurrencies, stating in a 2017 CNBC <a href="https://www.cnbc.com/2017/08/14/david-sacks-cryptocurrency-interview.html" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">interview</a> that Bitcoin was reshaping the internet as the world’s largest one.
<blockquote>
 “After PayPal, I never thought I would get interested in payments again. But Bitcoin is fulfilling PayPal’s original vision to create “the new world currency.” But cryptocurrencies like Bitcoin are now fulfilling that original vision. They are doing it in a decentralized way (with a decentralized database called the blockchain) whereas PayPal tried to do it in a centralized way.”
</blockquote>
He is also the co-founder of a venture capital firm called ‘Craft Ventures,’ which has invested in a range of crypto ventures, including dYdX, Lightning Labs, River Financial, Kresus, Set Protocol, FOLD, Harbor, Handshake, Voltage, Galoy, Lumina, and Rare Bit.
Trump’s decision to appoint Sacks suggests he is recognizing high-profile entrepreneurs who played a role in backing his presidential bid. This year, Sacks emerged as a major Trump advocate, organizing a fundraiser that brought in $12 million for the Republican campaign.
Besides Sacks, Trump had previously <a href="https://cryptopotato.com/trumps-d-o-g-e-promises-to-slash-bureaucracy-heres-what-you-need-to-know/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">appointed</a> Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy to lead the newly formed Department of Government Efficiency (D.O.G.E.). The duo was tasked with eliminating bureaucratic inefficiencies, reducing government spending, and streamlining regulations. Calling D.O.G.E as the “Manhattan Project” of the current era, Trump highlighted that the initiative aligns with his “Save America” agenda to transform the federal government.
The post <a href="https://cryptopotato.com/donald-trump-appoints-david-sacks-as-cryptocurrency-and-ai-czar/" rel="noopener noreferrer nofollow">Donald Trump Appoints David Sacks as Cryptocurrency and AI ‘Czar’</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Donald Trump Appoints David Sacks as Cryptocurrency and AI ‘Czar’

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