President-elect Donald Trump announced Thursday that veteran Silicon Valley venture capitalist David Sacks will serve as his White House AI (artificial intelligence) and Crypto Czar.
Trump noted on Truth Social that Sacks will lead administration policy in both areas, which the former president said are “critical to the future of American competitiveness.”
“David will focus on making America the clear global leader in both areas. He will protect free speech online and keep us away from the bias and censorship of Big Tech. He will work to create a legal framework so that the crypto industry can get the clarity it has been asking for and thrive in the US.”
Previously Chief Operating Officer (COO) of PayPal, Sacks is a high-profile venture capitalist who has invested in Airbnb, Palantir, Postmates, Reddit, Slack, SpaceX, Twitter, Uber and other major tech companies.
He has also poured capital into crypto projects, including a $10 million investment in decentralized exchange dYdX (DYDX) in 2018 through his growth fund Craft Ventures. The DEX’s native token rose more than 28% on Thursday and Friday after Trump released the czar’s announcement.
Sacks endorsed Trump in June and hosted a multimillion-dollar fundraiser for the former president at his San Francisco home.
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