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President-elect Donald Trump has named venture capitalist David Sachs, Elon Musk's latest confidant to head the new administration, as the White House's artificial intelligence and cryptocurrency czar.
Mr. Sachs, an early PayPal employee alongside Mr. Musk and co-host of the podcast “All In,” has emerged as one of Mr. Trump's earliest and most vocal supporters in Silicon Valley. and hosted a fundraiser for candidates in San Francisco in June. .
“David has the knowledge, business experience, intellect, and pragmatism to make America great in these two critical skills,” Trump wrote on his social media platform Truth Social.
He added: “We will work on a legal framework that will give the crypto industry the transparency it has been seeking and allow it to thrive in the United States.”
Regulation of AI and cryptocurrencies are two of the incoming administration’s most pressing priorities.
Cryptocurrency investors and founders believe President-elect Trump has a more favorable approach to the sector than the Joe Biden administration, after he vocally expressed support for digital currencies during the campaign. I hope to take it.
President Trump this week nominated Paul Atkins, a man sympathetic to the sector, to head the Securities and Exchange Commission. The price of Bitcoin, which has soared since the election, exceeded $100,000 for the first time on Thursday after Atkins' election.
President Trump's position on AI is not very clear, but in his first term he issued an executive order to “work to strengthen U.S. leadership in the field of AI,” and many in the field expect regulations to be eased. I am doing it.
Sachs supported Trump on social media and on his podcast during the campaign. His support earned him a speaking slot at the Republican National Convention in July.
He has also been vocal on foreign policy and technology issues, including repeatedly criticizing President Biden's approach to Russia's invasion of Ukraine. Sachs instead urged Kiev to “work out a deal” to secure a quick ceasefire with Moscow.
His appointment creates new ties between Trump's Republican Party and Silicon Valley, which has historically been a Democratic stronghold.
Although Musk is the most prominent member of the tech elite to play a role in the incoming administration, other prominent figures, such as venture capitalist Marc Andreessen, have also played an important role in helping find candidates for the Office of Government Efficiency. plays an official role. .
Sachs joins the payments company's founders and early employees, including Musk, Palantir co-founder Peter Thiel, LinkedIn co-founder Reid Hoffman, and Sequoia managing partner Roelof Botha. He is a member of the so-called PayPal Mafia.
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He has deepened his ties to Musk by backing many of the entrepreneur's companies, including xAI, X and SpaceX, through his venture capital firm, Craft Ventures.
Sachs launched his own AI chat platform called Glue in May.
Sachs' company said his new role does not conflict with his existing role.
“The Tsar is an advisory role and the government classification is the same as 'Governor General', so there is no need for Mr. David to leave Craft,” the company said.
