David Sacks, former chief operating officer of PayPal, has been appointed by President-elect Donald Trump as the “crypto czar” of his administration. The announcement was made public through Truth Social and was shared by Sacks himself on X.
“In this important role, David will formulate administration policies in the areas of artificial intelligence (AI) and cryptocurrency, two areas critical to the future of US competitiveness,” commented Trump.
Likewise, the newly elected president stressed that his chosen one “will safeguard freedom of expression on the Internet and will distance us from the biases and censorship of large technology companies.”
Born in 1972 in Cape Town, South Africa, Sacks moved to the United States at just five years old, where he studied economics at Stanford and earned a law degree from the University of Chicago. In 1999 he joined PayPal as Director of Operations and played an important role in the consolidation of the company.; He is also known for co-founding Yammer, an enterprise social networking service purchased by Microsoft in 2012, and Craft Ventures, a technology-focused venture capital firm.
In recent years, The former PayPal executive has also gained popularity thanks to his podcast All-Ina program about technology, economics, and the world of startups, in which he shares space with well-known investors such as Chamath Palihapitiya, Jason Calacanis, and David Friedberg.
Some they considered that Trump would choose Chris Giancarlo, former president of the Commodity Futures Trading Commission (CFTC), as “crypto czar”, but this has not been the case. It is worth clarifying that the position that Sacks will assume is currently in development, since there is no instance for defined administration and regulation that includes the areas of artificial intelligence (AI) and cryptocurrencies as presented by Trump.
By performing a search on X, it is possible confirm that Sacks’ enthusiasm for cryptoassets dates back more than a decade. In May 2013, for example, he expressed his support for his colleague Chamath Palihapitiya, stating: “Bitcoin has the potential to become the next Internet: the Internet of money. “I’m buying.”
Later, in November 2013, he posted: “The difference between bitcoin and a bubble is that if everyone believes in bitcoin, it becomes a reality.”
With this appointment, President-elect reciprocates Sacks’ key efforts in support of his presidential campaign. This year, the former PayPal executive demonstrated his support by organizing a major fundraiser in San Francisco, the tickets for which reached a cost of USD 50,000. It is worth noting that a special category, which included a photograph with Trump, was offered for USD 300,000.
During his presidential campaign, the president strengthened ties with the cryptocurrency sector and managed to raise millions of dollars in support thanks to multiple industry executives. The businessman promised to turn the United States into “the world capital of crypto assets” and, in collaboration with Senator Cynthia Lummis, announced his intention to create a strategic reserve of bitcoin. However, it remains to be seen whether the president-elect will deliver for his voters.
On the other hand, it is important to note Trump’s recent nomination of Paul Atkins to replace Gary Gensler as head of the Securities and Exchange Commission (SEC). This designation must be approved by the United States Congress and, if it comes to fruition, it could mark a 180-degree turn in the anti-bitcoin policy of the Joe Biden administration, which caused the exodus of numerous companies and developers from the country.
