David Sacks, the former CEO of PayPal, was named the White House Artificial Intelligence and Crypto Czar by U.S. President-elect Donald Trump on Thursday.
As Trump stated on his social media network, Truth Social, Sacks will be tasked with creating a legal framework for the emerging cryptocurrency sector, offering guidance and assistance to foster its expansion in the country. After promising during his campaign to make the US the “crypto capital of the planet,” Trump’s decision to embrace digital currency is a dramatic change from his previous position.
Bitcoin’s ascent above $100,000 marked a turning point for cryptocurrencies and the beginning of a new era for digital assets. The possibility of an administration that is anticipated to strengthen the position of cryptocurrencies in financial markets gives investors hope. Sacks will also serve as the chair of the Presidential Council of Advisors on Science and Technology in addition to his new position.
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