Transition of power to
Transition of power
Transition of power
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Donald Trump has appointed David Sacks, a prominent venture capitalist and podcast host, to supervise the regulation of cryptocurrencies and artificial intelligence in Silicon Valley. Sacks has advocated for less strict regulation of these new technologies.
Written by Theodore Schleifer
For a number of years, Theodore Schleifer has been covering the political involvement of David Sacks in his writing.
President-elect Donald J. Trump has appointed a well-known conservative figure from Silicon Valley, who is involved in investing, donating, and media, to play a role in shaping American tech policy.
The president-elect revealed on social media that David Sacks, a venture capitalist and former executive at PayPal, will be taking on the role of "White House A.I. and Crypto Czar." Sacks, known for his successful podcast, is a friend of Elon Musk and has been urging him to become more involved in Republican politics in recent years.
This new position in the Trump White House suggests a more relaxed approach towards regulating technology, especially cryptocurrencies. This is significant because cryptocurrencies have increased in value since Trump’s election, and Trump himself has a business interest in them. The individual appointed for this position, Mr. Sacks, is the leader of a venture capital firm called Craft Ventures and has advocated for more lenient policies on both cryptocurrency and artificial intelligence.
During the Trump transition effort, Mr. Sacks emerged victorious in a discussion regarding the oversight of artificial intelligence and crypto. Instead of having different individuals oversee each area, Mr. Sacks was selected to oversee both in a joint appointment.
On Thursday evening, Mr. Trump announced that David will be leading the policy direction for Artificial Intelligence and Cryptocurrency within the Administration. These areas are important for America’s future competitiveness, and David will work towards ensuring that America becomes a dominant global leader in both fields.
According to his firm, Mr. Sacks does not hold a full-time position. He had expressed to friends that he preferred not to have a formal role as it would mean giving up his current position managing his venture capital fund. Recently, Mr. Sacks revealed that his firm had led a new round of funding for a start-up.
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