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 oversee the regulation of cryptocurrency and artificial intelligence. Sacks advocates for less strict regulation of these new technologies.
Authored by Theodore Schleifer
For the past few years, Theodore Schleifer has been covering the political endeavors of David Sacks in his writing.
President-elect Donald J. Trump has appointed a well-known conservative figure from Silicon Valley to assist in managing tech policy in the United States.
The president-elect revealed on social media that David Sacks, a venture capitalist and former executive at PayPal who also hosts a successful podcast, will serve as the "White House A.I. and Crypto Czar." Sacks, who is a friend of Elon Musk, has been urging Musk to become more involved in Republican politics in recent years.
A new position is being created within the Trump White House, indicating a shift towards a less strict approach to regulating technology, especially cryptocurrencies. These digital assets have significantly increased in value since Trump’s election, and Trump himself has a personal business stake in them. The individual appointed to this position, Mr. Sacks, is the head of a venture capital firm named Craft Ventures and has advocated for more lenient policies regarding both cryptocurrencies and artificial intelligence.
Mr. Sacks successfully advocated for a unified approach within the Trump transition team. Rather than having separate individuals in charge of artificial intelligence and crypto, Mr. Sacks was selected to oversee both areas in a joint role.
"David has been appointed to lead the Administration’s efforts in Artificial Intelligence and Cryptocurrency, which are crucial for America’s future competitiveness," stated Mr. Trump on Thursday. "His main goal will be to ensure that America becomes the top global leader in these fields."
The firm clarified that Mr. Sacks does not have a full-time position. He had expressed 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, as reported by The New York Times previously. Recently, Mr. Sacks revealed a new round of funding for a start-up, which was led by his firm.
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