Donald Trump, famous for firing people on The Apprentice, just hired a guy called Sacks. David Sacks.
Sacks, the ex-PayPal COO and longtime crypto advocate, is Trump’s new (and America’s first) crypto and AI czar.
A card-carrying member of the “PayPal Mafia” (yes, that includes Elon Musk), Sacks will guide Trump’s policies on all things cryptocurrency and artificial intelligence.
Trump says Sacks will “safeguard free speech online,” fight off “Big Tech bias,” and, most importantly for the crypto world, craft a legal framework to give the industry the clarity it’s been begging for.
Bitcoin had slumped to about 92K from yesterday’s historic record-breaking high of 103K. But within half an hour of Sacks’s appointment, it returned close enough to flirt with $100K again. Coincidence? Maybe not.
Sacks who?
Sacks is a venture capitalist at Craft Ventures, where he’s backed crypto names like Bitwise and BitGo.
He’s also a vocal critic of Gary Gensler, the soon-to-be-former SEC chair who crypto players have loved to hate.
On a 2023 podcast, Sacks slammed Gensler for “overreach” and said, “It’s not up to the SEC chair to decide Americans shouldn’t hold crypto.”
But he isn’t just a tech guy; he’s a Trump guy. He even hosted a fundraiser for the president-elect before the election, where tickets went for as much as $300K a pop (if you want a photo with the then number 45).
Sacks is expected to deliver on Trump’s vow to give crypto a seat at the table, giving it a direct line to the White House and smoothing over the regulatory mess that’s pushed players offshore.
What crypto wanted
Coinbase President Emilie Choi called Sacks “a great pick” on X, praising his nuanced understanding of the industry.
His appointment follows Trump’s earlier pro-crypto moves, including nominating Paul Atkins as the next SEC chair 30 odd hours ago — a decision that also earned applause from the crypto world.
Sacks’ appointment signals Trump’s full-court press on crypto and AI policy, doubling down on his promise to keep the US’ lead in both areas.
Whether Sacks reshapes the regulatory landscape or stirs up more controversy, one thing’s certain: all of crypto is watching.
