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Breaking: Trump Names David Sacks as Artificial Intelligence and Cryptocurrency 'Czar'
12/06/2024 09:39
Trump names PayPal veteran David Sacks as White House AI and Cryptocurrency Czar, aiming to establish US leadership in emerging technologies and provide regulatory clarity for both sectors.
Key Notes
- David Sacks, a member of the influential "PayPal Mafia" and founder of Yammer, brings 25 years of Silicon Valley experience to this newly created position overseeing AI and cryptocurrency policy.
- As AI and Cryptocurrency Czar, Sacks will chair the Presidential Council of Science and Technology Advisors and work to develop a clear regulatory framework for the cryptocurrency industry.
- The appointment aims to address both technological advancement and regulatory clarity, with a specific focus on safeguarding online free speech and moving away from what Trump describes as "Big Tech bias and censorship.".
President-elect Donald Trump has revealed his first high-profile technology appointment for his future administration. David Sacks, the successful investor and COO and product leader of PayPal, will assume the role of “White House A.I. & Crypto Czar.” Trump announced on Truth Social.
“David will focus on making America the clear global leader in both areas,” Trump declared on his social platform, emphasizing that Sacks will oversee policies related to two technology sectors that the former president considers “critical to the future of American competitiveness.”
Who is David Sacks?
David Sacks is a South African-American entrepreneur and investor in internet technology firms. With 25 years of experience in Silicon Valley, Sacks is no stranger to technological disruption. As COO and product leader of PayPal, he was part of the legendary “PayPal Mafia,” a group of former employees who, after the company’s sale to eBay in 2002, went on to found some of Silicon Valley’s most influential companies.
From this technological exodus emerged giants like Tesla and SpaceX (Elon Musk), Facebook (with Peter Thiel’s initial investment), LinkedIn (Reid Hoffman), YouTube (Chen, Hurley, and Karim), and Yelp (with Max Levchin’s investment). What began as a forced separation, in David Sacks’ words, transformed into one of the most productive business diasporas in technological history.
After leaving PayPal, Sacks founded Yammer, the first Enterprise Social Network, which offered secure solutions for internal corporate communication and collaboration. The company was acquired in 2012 by technology giant Microsoft for $1.2 billion.
Trump Continues Pro-Crypto Appointments
The pro-crypto candidate’s appointment comes at a crucial time for both industries. While AI is rapidly transforming the global business and military landscape, the crypto sector desperately seeks regulatory clarity to help it move past years of ongoing struggles with SEC Chairman Gary Gensler.
If Sacks accepts the position, he will be tasked with developing a legal framework that provides the regulatory certainty the cryptocurrency industry has been requesting.
“David has the knowledge, business experience, intelligence, and pragmatism to MAKE AMERICA GREAT in these two critical technologies,” Trump emphasized.
Among his most significant responsibilities, Sacks will chair the Presidential Council of Science and Technology Advisors, a position that will give him considerable influence over the country’s technological direction. Trump also noted that part of his mandate will include “safeguarding online free speech and moving away from Big Tech bias and censorship.”
The concurrent appointments of Sacks as AI and Crypto Czar and Paul Atkins as SEC chairman signal Trump’s strategic push to position disruptive technologies at the forefront of national policy, marking a potentially significant shift in the federal government’s approach to technological innovation and regulation.
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