Transition period following President
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President Trump has appointed David Sacks, a prominent venture capitalist and podcast host, to oversee the regulation of cryptocurrency and artificial intelligence in Silicon Valley. Sacks has advocated for less strict regulations on these new technologies.
Authored by Theodore Schleifer
For a few years now, Theodore Schleifer has been covering the political engagements of David Sacks in his writing.
President-elect Donald J. Trump has appointed a well-known conservative investor, donor, and media 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 PayPal executive who started a successful podcast, will be serving as the "White House A.I. and Crypto Czar." Sacks is a friend of Elon Musk and has been urging him to become more involved in Republican politics over the past year.
A new position is being created within the Trump White House that indicates a more relaxed approach to regulating technology, especially cryptocurrencies. This is significant as the value of cryptocurrencies has increased since Trump’s election, and Trump himself has a business interest in them. The individual appointed to this position, Mr. Sacks, is the leader of a venture capital firm named Craft Ventures and has advocated for a more lenient policy towards both cryptocurrencies and artificial intelligence.
Mr. Sacks successfully advocated for a consolidated approach within the Trump transition team. Instead of having different individuals oversee artificial intelligence and crypto separately, Mr. Sacks was selected to oversee both areas in a joint role.
During an announcement on Thursday evening, Mr. Trump stated that David will lead the Administration’s efforts in Artificial Intelligence and Cryptocurrency, which are crucial for American competitiveness in the future. David will work towards ensuring that America becomes the top global leader in both of these areas.
According to his firm, Mr. Sacks does not have a full-time position. He 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. Recently, Mr. Sacks revealed a new round of funding for a start-up that his firm is leading.
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