Athira Sethu
Kochi, 7 December 2024
The US President-elect Donald Trump announced a new leader for artificial intelligence and cryptocurrency: David Sacks, the former Chief Operating Officer of PayPal.
This step is aimed at forming clear policies in the burgeoning crypto industry. Trump announced on his platform, Truth Social, that Sacks will work in creating the legal frameworks for the development and success of the crypto industry.
Sacks will work on digital assets and AI through collaboration with key incoming administrators, including the heads of both the SEC and the CFTC. Policies on all these matters will be based on recommendations from a new crypto advisory council.
Tech-friendly supporters of Trump demand least interference in AI and crypto-based currencies like Bitcoin. Excessive rules could put the brakes on innovation in these two very rapidly growing industries. Trump announced on Wednesday that lawyer Paul Atkins, a known supporter of cryptocurrencies, has been chosen by the president to lead the Securities and Exchange Commission.
Interestingly, a former outspoken critic of cryptocurrencies as a scam has embraced them. During the campaign, Trump promised that he would make the US the “crypto capital of the planet.” He proposed building a national reserve of Bitcoin. This has left many feeling excited about his stance. For the first time, on Wednesday night, Bitcoin touched $100,000.
David Sacks, 52 years old, is bringing a lifetime of experience to the role. South African by birth, David co-founded the venture capital firm Craft Ventures, was an early leader at PayPal, founded social network Yammer for enterprises, and served as CEO for software company Zenefits. A long-time crypto supporter, Sacks once described bitcoin as revolutionary, calling the cryptocurrency part of a “decentralized web” or the “internet of money.”
Sacks will also lead the White House advisory council on science and technology towards driving innovation in the U.S. tech landscape.
