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President-elect Donald Trump has named venture capitalist David Sacks as the White House’s artificial intelligence and cryptocurrency czar, the latest Elon Musk confidante to land a high-profile appointment in the new administration.
Sacks, who along with Musk was PayPal’s first employee, is co-head All-In podcast and emerged as one of Silicon Valley’s earliest and most vocal Trump supporters, organizing fundraising for the candidate in San Francisco in June.
“David has the knowledge, business experience, intelligence and pragmatism to MAKE AMERICA GREAT in these two key technologies,” Trump posted on his social media platform, Truth Social.
“They will work on the legal framework so that the crypto industry has the clarity it has been looking for and can thrive in the US,” he added.
AI and crypto regulation are the two most urgent priorities of the new administration.
Crypto investors and founders are hoping that Trump will take a more favorable approach to the sector than the Joe Biden administration, after the president-elect offered vocal support for digital currencies during his campaign.
This week Trump nominated Paul Atkinswho is a sympathizer for this sector, at the head of the Securities Commission. The price of bitcoin, which has surged since the election, climbed above $100,000 for the first time on Thursday since Atkins’ election.
Trump’s position on artificial intelligence is less clear, but in his first term he issued an executive order “committed to strengthening American leadership in artificial intelligence” and many in the sector expect lighter regulation.
Sacks stood behind the candidate on social media and through his podcast during the campaign. His endorsement earned him a speakership at the Republican National Convention in July.
He has been vocal on foreign policy issues as well as technology issues, including repeatedly criticizing President Biden’s approach to Russia’s invasion of Ukraine. Sacks instead argued that Kiev was “making a deal” to secure a quick ceasefire with Moscow.
His appointment creates another link between Trump’s Republican Party and Silicon Valley, which has historically been a Democratic stronghold.
Musk is the most prominent member of the tech elite to take a role in the incoming administration, but other high-profile figures such as venture capitalist Marc Andreessen have played informal roles such as helping find candidates for ‘department of government efficiency’.
Sacks is part of the so-called PayPal Mafia, a group of founders and early employees at the payments company that includes Musk, Palantir co-founder Peter Thiel, LinkedIn co-founder Reid Hoffman and Sequoia managing partner Roelof Botha.
He has deepened his relationship with Musk by backing a number of the entrepreneur’s companies, including xAI, X and SpaceX, through his venture capital firm Craft Ventures.
Sacks launched his own AI chat platform called Glue in May.
Sacks’ company said his new position will not conflict with his existing positions.
“The Emperor has an advisory role and has the same government classification as ‘Doge,’ which does not require David to leave the Craft,” the company said.
