David Sacks: Unlikely A.I. & Crypto Czar Shocks the Industry!
Excitement buzzes through the crypto community as whispers circulate about a dedicated White House position for crypto—until now.
Posted December 6, 2024, at 12:24 PM EST.
In a stunning reveal on Truth Social, former President Donald Trump has named David Sacks, the well-known investor and podcaster, as the White House’s new A.I. and Crypto Czar. Many in the crypto sector anticipated a singular focus on a crypto advisory role, making this announcement an unexpected twist. According to Trump, Sacks will spearhead a revamped Presidential Council of Advisors for Science and Technology, thereby merging the realms of crypto and technology in a way that was not previously envisioned.
“David will steer the Administration’s policy on Artificial Intelligence and Cryptocurrency—two pivotal sectors that will determine America’s competitive edge,” Trump proclaimed. “He aims to protect Free Speech online, while steering clear of Big Tech censorship. His leadership will provide the clarity the crypto industry desperately needs to flourish in the U.S.”
Read More: A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens
Sources within the crypto policy landscape expressed surprise at the announcement. Many believed Trump was still weighing the necessity of a crypto czar. But reactions on social media were largely positive, with some arguing that this innovative pairing of crypto and A.I. is a game changer for the industry.
“The elevation of crypto, especially alongside A.I. under a tech titan like Sacks, is a monumental shift,” remarked Ryan Selkis, founder of Messari, on X.
“With his unparalleled track record as an entrepreneur and investor, David Sacks is the ideal candidate to lead U.S. crypto policy at this critical juncture,” said Kristin Smith, CEO of Blockchain Association, in a statement.
From PayPal to Crypto Champion
David Sacks isn’t just any tech leader; he’s a veteran of the fintech revolution. As a co-founder of Craft Ventures and an early employee at Confinity, which morphed into PayPal, Sacks’ insights have been invaluable in Silicon Valley. Networking with luminaries like Elon Musk and Peter Thiel, Sacks has significantly shaped tech industry discourse and made waves in conservative political circles.
He has recently amplified his visibility as a co-host of the wildly popular “All-In” podcast, discussing everything from tech to politics with other Silicon Valley moguls. Currently ranked the 226th most popular podcast on Apple Podcasts, its massive following underscores his influence in the tech world. Trump has strategically aligned himself with such power players as he shapes his campaign.
Read More: Trump Taps Paul Atkins for Next SEC Chair, Making Good on His Crypto Promises
On the podcast, Sacks consistently champions Trump and Republican ideologies while showing strong support for crypto. He even hailed the recent court ruling on XRP as a significant victory for the industry.
A proud “Solana Bull,” Sacks invested in Multicoin Capital, an early supporter of Solana, and has remained loyal to his investment despite market fluctuations. His firm, Craft Ventures, has also backed notable crypto entities like BitGo and Bitwise, although Sacks isn’t primarily known as a crypto-focused investor.
Crypto Community Reacts
As of Thursday morning, industry insiders were not expecting the announcement to land just yet, with discussions around potential candidates for the role still underway. Many speculated about who might fill the role of crypto czar, with names like Gemini’s Winklevoss twins and Coinbase’s Brian Armstrong floating about.
Originally, the consensus was that a czar or advisory council would focus solely on crypto. Trump’s decision to intertwine crypto with A.I. took many by surprise.
Read More: Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary
Fox Business had reported that Chris Giancarlo, also known as “Crypto Dad,” was in the running for the crypto czar role, though skepticism lingered about whether he was a serious contender.
Several sources suggested Ron Hammond, the Blockchain Association’s Director of Government Relations, as a potential candidate, although this had not been confirmed in subsequent discussions.
Will Sacks Be Able to Own Crypto?
Initially, there were discussions about a White House position specializing in crypto, but it appears that regulations surrounding crypto ownership for senior staff have complicated matters. This advisory role may provide some leeway, but questions remain.
Sacks’ appointment opens up a can of worms about whether this could be a non-government advisory role, allowing him to sidestep regulations, or if there are plans to modify existing rules. An official from Craft Ventures suggested that the role would be advisory, similar to the Department of Government Ethics, implying no need for Sacks to exit his firm.
The leadership of The Digital Chamber has reached out to the Office of Government Ethics to reconsider their regulations, but responses to their inquiries have been slow.
Attempts to contact representatives from the Trump-Vance transition team and Craft Ventures yielded no immediate responses.
(UPDATE: 12/6 AT 5:30 p.m.): This story was updated to indicate the Trump-Vance transition team spokesperson did not respond to inquiries regarding Sacks’ crypto holdings.
