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Trump has appointed David Sacks, a prominent venture capitalist in Silicon Valley who also hosts a popular podcast, to oversee the regulation of cryptocurrency and artificial intelligence. Sacks is known for advocating for less strict regulation of these new technologies.
Authored by Theodore Schleifer
For the past few years, Theodore Schleifer has been focusing on 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 technology policy in the United States.
The president-elect announced on social media that David Sacks, a venture capitalist and former executive at PayPal, will be serving as the "White House A.I. and Crypto Czar." Sacks, who is a close friend of Elon Musk, has been urging Musk to become more involved in Republican politics over the past year.
A new position is being created in the Trump White House, indicating a shift towards less regulation of technology and cryptocurrencies. This is especially relevant as cryptocurrencies have increased in value since Trump’s election, and Trump himself has personal business interests in this area. The appointed individual, Mr. Sacks, is the leader of a venture capital firm called Craft Ventures and has advocated for more lenient policies on both cryptocurrencies and artificial intelligence.
Mr. Sacks emerged victorious in a conflict during the Trump transition process. Individuals were suggesting that different individuals should be in charge of overseeing artificial intelligence and crypto for Mr. Trump’s team. However, Mr. Sacks was ultimately selected to oversee both areas in a combined role.
Mr. Trump announced on Thursday that David will be responsible for shaping policy in Artificial Intelligence and Cryptocurrency for the Administration. These are important areas for American competitiveness in the future. David’s goal will be to ensure that America becomes the top global leader in both fields.
According to his firm, Mr. Sacks does not hold a full-time position. He has mentioned to friends that he prefers not to have a formal role as it would mean stepping away from managing his venture capital fund. Recently, Mr. Sacks revealed that his firm led a new round of funding for a start-up.
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