Transition of power from
Transition of power
Transition of power
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President Trump has appointed David Sacks, a prominent venture capitalist and host of a popular podcast, to lead the oversight of cryptocurrency and artificial intelligence in Silicon Valley. Sacks believes in less strict regulations for these new technologies.
Written by Theodore Schleifer
For a few years, Theodore Schleifer has been writing about David Sacks’ involvement in politics.
The incoming President, Donald J. Trump, has chosen a well-known conservative 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 also hosts a successful podcast, will be taking on the role of "White House A.I. and Crypto Czar." Sacks, who is a close associate of Elon Musk, has been advising Musk to become more involved in Republican politics in recent years.
The appointment is a new one, showing that the Trump administration plans to have a less strict approach towards regulating technology and cryptocurrencies. Cryptocurrencies have increased in value since Trump’s election, and Trump himself has a business interest in them. Mr. Sacks, the leader of Craft Ventures, has advocated for a more lenient policy on both cryptocurrency and artificial intelligence.
Mr. Sacks successfully convinced the Trump transition team to appoint him to oversee both artificial intelligence and crypto, instead of having separate individuals for each role. This decision was made despite other individuals proposing the idea of having separate people for each position.
On Thursday evening, Mr. Trump announced that David will lead the Administration’s efforts in Artificial Intelligence and Cryptocurrency, which are important for America’s future competitiveness. David will work towards establishing America as a dominant global leader in both of these fields.
The firm stated that Mr. Sacks does not hold a full-time position. According to The New York Times, Mr. Sacks had mentioned to friends that he preferred not to have a formal role as it would mean stepping away from his responsibilities managing his venture capital fund. Just recently, Mr. Sacks revealed a new round of start-up funding that was led by his firm.
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