Transition of power from
Transition of power
Transition of power
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Trump has appointed David Sacks, a prominent conservative figure in Silicon Valley and a venture capitalist with a successful podcast, to supervise the development of cryptocurrency and artificial intelligence. Sacks has advocated for less strict regulation of these new technologies.
Authored by Theodore Schleifer
For a few years now, Theodore Schleifer has been writing about David Sacks’ involvement in politics.
President-elect Donald J. Trump has appointed a well-known conservative figure from Silicon Valley who is involved in investing, donating, and media work to assist in managing technology policies in the United States.
The president-elect announced 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 is known for launching a successful podcast and is a close friend of Elon Musk. Over the past year, Sacks has been one of the individuals urging Musk to become more involved in Republican politics.
The creation of this new position indicates that the Trump administration is likely to be more relaxed in regulating technology and cryptocurrencies, especially since they have increased in value since Trump’s election and he has personal business interests 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 unified approach in the Trump transition team. Instead of having different individuals in charge of artificial intelligence and crypto, Mr. Sacks was selected to oversee both areas in a single appointment.
"Mr. Trump announced on Thursday evening that David will be responsible for shaping policy on Artificial Intelligence and Cryptocurrency for the Administration. These two areas are crucial for America’s future competitiveness, and David will work towards establishing America as a leading global force 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 down from his current role managing his venture capital fund. Recently, Mr. Sacks revealed that his firm has initiated a new round of start-up funding.
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