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Trump has appointed David Sacks, a prominent venture capitalist and podcast host from Silicon Valley, to supervise the regulation of cryptocurrency and artificial intelligence. Sacks has advocated for less strict regulation of these new technologies.
Authored by Theodore Schleifer
For a number of years, Theodore Schleifer has been covering David Sacks’ involvement in political activities.
President-elect Donald J. Trump has appointed a well-known conservative investor, donor, and media figure from Silicon Valley to assist in managing tech policy in the United States.
The president-elect announced on social media that David Sacks, a venture capitalist and former executive at PayPal who started a successful podcast, will be appointed as the "White House A.I. and Crypto Czar." Sacks is a friend of Elon Musk and has been encouraging him to become more involved in Republican politics in recent years.
This new position solidifies the belief that the Trump administration will be less strict in regulating technology, especially cryptocurrencies. These digital assets have seen an increase in value since Trump’s election and the president himself has a financial stake in them. Mr. Sacks, the leader of Craft Ventures, has advocated for a more lenient approach towards both cryptocurrencies and artificial intelligence.
Mr. Sacks successfully advocated for a consolidated approach within the Trump transition team. Instead of having separate individuals manage artificial intelligence and crypto, Mr. Sacks was chosen to oversee both areas in a single combined role.
"David will be responsible for shaping the direction of policy in Artificial Intelligence and Cryptocurrency for the Administration, which are two crucial areas for maintaining American competitiveness in the future," stated Mr. Trump during a speech on Thursday. "David’s main goal will be to ensure that America establishes itself as the top global leader in both of these fields."
According to his firm, Mr. Sacks does not have a full-time position. He has mentioned to his friends that he prefers not to have a formal role because it would mean stepping away from his responsibilities at his venture capital fund, as reported by The New York Times. Recently, Mr. Sacks revealed a new funding round for his start-up that was led by his firm.
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