The man behind Trump’s bold crypto and AI move 

Does David Sacks’ appointment signal the beginning of a friendlier era for crypto in America, or are the regulatory battles far from over?

Sacks takes the helm

Donald Trump’s latest moves in the crypto space show no signs of slowing down. Just a day after appointing crypto advocate Paul Atkins on December 4 to lead the SEC in 2025, Trump on December 5 introduced a new face who will shape his administration’s AI and crypto strategies: David Sacks.

I am pleased to announce that David O. Sacks will be the “White House AI and Crypto Czar.” In this important role, David will guide Administration policy on Artificial Intelligence and Cryptocurrency, two areas critical to the future of America’s competitiveness. David…

— Donald J. Trump Posts from His Truth Social (@TrumpDailyPosts) December 6, 2024

The former PayPal executive, venture capitalist, and co-host of the All-In Podcast has been named the White House’s first “AI and Crypto Czar.”

The announcement comes amid a series of pro-crypto developments. In November, Trump announced a new advisory board called the Department of Government Efficiency (DOGE). Co-led by Elon Musk and Vivek Ramaswamy, this board is tasked with streamlining government operations.

The name, an apparent reference to the meme-inspired crypto Dogecoin (DOGE), has already fueled speculation that the Trump administration is embracing digital currencies.

As a result, Bitcoin (BTC) surpassed $100,000 shortly after Atkins’ announcement on December 5, hitting an all-time high of $103,900 and settling at $99,000 as of December 9.

In the Truth Social post announcing Sacks’ appointment, Trump praised him as a person with “business experience, intelligence, and pragmatism.” Sacks is now tasked with tackling critical challenges in both AI and crypto.

I am pleased to announce that David O. Sacks will be the “White House AI and Crypto Czar.” In this important role, David will guide Administration policy on Artificial Intelligence and Cryptocurrency, two areas critical to the future of America’s competitiveness. David…

— Donald J. Trump Posts from His Truth Social (@TrumpDailyPosts) December 6, 2024

Those tasks include creating a legal framework that will allow crypto businesses to thrive and addressing what Trump describes as “Big Tech bias and censorship.”

So who is David Sacks and what does this appointment really mean for the future of crypto and AI in America? Let’s take a closer look at the man behind this title, his responsibilities, and the broader reaction from the crypto world.

Who is David Sacks?

David Sacks is much more than a Silicon Valley entrepreneur. His journey in technology, venture capital and thought leadership has made him one of the most important voices of innovation today.

Born in South Africa and educated at Stanford University and the University of Chicago Law School, Sacks first became known as the Chief Operating Officer of PayPal during its founding years.

This experience not only defined his career, but also positioned him within the influential “PayPal Mafia” of early PayPal executives who went on to build groundbreaking companies. Other members include Elon Musk, a vocal proponent of crypto, and Peter Thiel, one of Bitcoin’s early supporters.

After PayPal was sold to eBay in 2002, Sacks turned his focus to entrepreneurship. In 2008, he founded Yammer, an enterprise-focused social network similar to “Facebook for Business.”

Four years later, Microsoft acquired Yammer for $1.2 billion, cementing Sacks’ reputation as someone who could lead and scale technology startups to global success.

He didn’t even stop there; He founded Craft Ventures, a San Francisco-based venture capital firm known for backing disruptive startups.

Moreover, Sacks’ connection to the crypto world is not new. As early as 2017, he was championing Bitcoin’s huge potential, calling it the cornerstone of a “decentralized web” or “internet of money.”

Sacks’ perspective aligns with the crypto community’s ethos and sheds light on why Trump, who has shifted to a pro-crypto stance in recent years, sees Sacks as a natural choice to guide policy in this area.

Another unique aspect of Sacks’ profile is his role as co-host of the All-In Podcast. Hosted by Chamath Palihapitiya, Jason Calacanis, and David Friedberg, the podcast covers a mix of economics, technology, and politics, often with a focus on crypto and blockchain.

Palihapitiya, for example, has been a vocal proponent of Bitcoin, predicting that its value will soar into the millions in the coming years. Jason Calacanis has similarly shown interest in decentralized technologies and often discusses their disruptive potential.

Beyond the podcast, Sacks has continued to collaborate closely with notable figures in the tech world, including Musk. He even played a key role in Musk’s acquisition of Twitter (now X).

Its influence also extends to venture capital. As part of Craft Ventures, Sacks has backed many startups operating in the blockchain and decentralized finance space, signaling a strategic belief in crypto’s potential in global finance.

For a crypto industry long plagued by regulatory uncertainty, his appointment offers a glimmer of hope for clearer, more forward-looking policies.

Industry voices on Sacks’ appointment

Sacks’ new role as White House AI and Crypto Czar has drawn criticism from some of the biggest names in tech and crypto, and those who know Sacks personally or through his work are optimistic about what he will bring to the table.

Musk, who has worked closely with Sacks on various initiatives, kept his message simple: “Really congratulations, David!” – with a subtle nod to every word in Trump’s Truth Social post.

Musk’s long-standing partnerships, including his leadership on the newly formed DOGE advisory board, point to a potential synergy between private sector innovation and government policy under Sacks’ guidance

Tyler Winklevoss, an early Bitcoin investor and co-founder of Gemini, called Sacks’ appointment a win for business and pro-cryptocurrency policies. “David is a technology founder who has achieved great success many times,” Winklevoss said.

Congrats @DavidSacks! Excellent choice. David's a multiple-time tech founder with huge successes. He knows how to build and understands policy. He was also super early in crypto and supporting Trump to make America pro-business, pro-innovation, and pro-crypto. Bullish! 🇺🇸🚀 pic.twitter.com/Hb9HZOkuOv

— Tyler Winklevoss (@tyler) December 6, 2024

He called the decision a bullish move for the U.S. economy, noting that Sacks was “very early in crypto” and understood what it takes to create meaningful policies that support business and innovation.

Sacks’ co-host on the All-In Podcast, Palihapitiya, said: “David Sacks is America’s best; a successful entrepreneur, a principled free speech absolutist, and a brilliant technologist.”

David Sacks is America’s best; a successful entrepreneur, a principled absolutist of free speech, and a brilliant technologist. It will ensure that the United States remains at the forefront of artificial intelligence and crypto, two of the most important technological movements in history.

To do…

— Chamath Palihapitiya (@chamath) December 6, 2024

Chamath’s focus on free speech also dovetails with one of Sacks’ key goals in the role: addressing concerns about Big Tech bias when shaping policy toward crypto and AI.

For those in the industry like Jeremy Allaire, CEO of USDC issuer Circle, the appointment appears to be validation of crypto and AI’s role in shaping the future. Allaire stated that Trump’s decision shows that these technologies are recognized as critical to maintaining the United States’ superiority in the global innovation race.

What I like about it @realdonaldtrump appointment @DavidSacks It is a tacit recognition by the White House that Crypto and Artificial Intelligence are the most strategic new technology areas for the United States and the world. Congratulations.

— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) December 6, 2024

Allaire’s optimism was echoed by Ripple (XRP) CEO Brad Garlinghouse, who believes Sacks will play a key role in pushing forward “pro-innovation plans,” particularly in bringing clarity to the regulatory chaos that has frustrated crypto firms for years.

Huge congratulations @DavidSacks In this appointment, he understands the ins and outs of technology and, more importantly, will further President Trump’s pro-crypto and AI innovation plans.

Dream team! https://t.co/FFMSCIiscl

— Brad Garlinghouse (@bgarlinghouse) December 6, 2024

A pro-crypto administration: What does the future hold?

Regulatory uncertainty has plagued the US crypto industry for years. The agency’s approach, under current SEC chairman Gary Gensler, has been widely criticized as overly aggressive, with enforcement actions trumping clear guidelines.

With Sacks appointed as White House AI and Crypto Czar and Atkins replacing Gensler as SEC chairman, the stage appears set for a significant policy overhaul.

Atkins is a known proponent of lighter regulatory frameworks and will step into the role of SEC chief in January 2025.

In 2018, Atkin argued that excessive bureaucracy could hinder innovation in the blockchain sector. His appointment represents a major win for the crypto industry, which has struggled with unclear rules on whether tokens are securities or commodities.

Musk’s involvement adds another layer of momentum. Musk has been a vocal supporter of crypto; Tesla is known for allowing it to accept Bitcoin payments for short periods of time and often uses its social media influence to increase interest in Dogecoin.

Above all, Sacks’ mandate to create a clear legal framework for the crypto industry could eventually solve the patchwork of inconsistent rules that have left many businesses in limbo or forced to relocate to more crypto-friendly regions like Dubai and Singapore.

If these appointments signal anything, it’s this: The future of America’s crypto industry is no longer a question of how far it can go.