Venture capitalist David Sacks has been tapped to serve as President-elect Trump’s White House czar for artificial intelligence (AI) and cryptocurrency, taking on a newly created role to lead the administration’s policy on the two technologies.
“David will focus on making America the clear global leader in both areas,” Trump wrote in a post on Truth Social on Thursday night. “He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship.”
Sacks, who will also lead the Presidential Council of Advisors for Science and Technology, has been a key voice of support for Trump in Silicon Valley.
He got his start in the tech world in 1999 at PayPal, where he became chief operating officer. He and several of the other early members of the company would go on to found other successful tech firms, leading to their nickname — the “PayPal mafia.”
This group includes former PayPal CEO Peter Thiel, LinkedIn co-founder Reid Hoffman, Yelp co-founder Jeremy Stoppelman and, most notably, billionaire tech mogul and close Trump ally Elon Musk.
After leaving PayPal, Sacks founded Yammer, an enterprise social networking platform, that was acquired by Microsoft for $1.2 billion in 2012. He launched his venture capital firm Craft Ventures in 2017.
Sacks also has a podcast called “All-In,” which he hosts alongside fellow entrepreneurs Chamath Palihapitiya, Jason Calacanis and David Friedberg.
Trump made an appearance on the podcast in June, shortly after Sacks and Palihapitiya hosted a fundraiser for the former president in San Francisco that raked in millions for the campaign.
Sacks has backed numerous conservative candidates over the years, donating to former Republican presidential nominees John McCain and Mitt Romney in 2008 and 2012, according to OpenSecrets.
However, in 2016, he gave thousands to the Democratic National Committee (DNC) and then-candidate Hillary Clinton. In 2020, he does not appear to have supported either Trump or President Biden.
In the following years, Sacks has given to mostly Republican candidates once again, including Vice President-elect JD Vance’s senate campaign.
He officially endorsed Trump in June, arguing that the former president performed better than Biden on the economy, foreign policy and immigration. He also voiced concerns about the multiple lawsuits pending against Trump, describing it as “lawfare.”
Sacks’ appointment as AI and crypto czar Thursday was met with excitement from his fellow Silicon Valley conservatives — a small but growing contingent in an industry once considered a solid backer of the Democratic Party.
“Thrilled to see @DavidSacks serve as AI & Crypto Czar,” Palantir adviser Jacob Helberg wrote on X.
Helberg, once a prominent Democratic donor who gave to Biden, Vice President Harris and Transportation Secretary Pete Buttigieg, gave at least $2 million to Trump this cycle.
“Few people blend a deep understanding of technology with operational experience,” he added. “He will be an asset to the administration and his selection reflects the @realDonaldTrump’s unique ability to attract top talent to government.”
Sacks’ nod also received widespread support from the crypto industry, which has been jubilant about the president-elect’s crypto-friendly Cabinet picks so far.
“David Sacks’ unparalleled track record as an entrepreneur, investor, and innovator makes him uniquely suited to lead U.S. crypto policy at a pivotal moment in the industry’s evolution,” Blockchain Association CEO Kristin Smith said in a statement.
“Sacks’ vision and expertise will ensure that the United States successfully reclaims its lead amid the global race to cultivate and harness AI and crypto technologies,” she added.
Trump noted in his announcement that Sacks will be tasked with developing a legal framework for crypto. Throughout the Biden administration, the industry has expressed frustration over a lack of legal clarity.
Much of the crypto industry’s ire has been directed as Securities and Exchange Commission (SEC) Chair Gary Gensler, who they have often accused of regulating via enforcement actions.
Trump announced earlier this week that former SEC commissioner Paul Atkins, a crypto advocate, will return to run the agency in his administration, much to the delight of the industry and its proponents.
“The mere fact that the U.S. now has a crypto and AI ‘czar’ reflects the impact of @FinancialCmte,” outgoing House Financial Services Chair Patrick McHenry wrote on X. “The era of regulation by enforcement is over.”
“With folks like David Sacks and Paul Atkins, the future of the digital asset ecosystem in the U.S. is brighter than ever,” he added.
Trump once dismissed crypto as a “scam,” but came to embrace the industry during the campaign. At a bitcoin conference in August, he vowed to make the U.S. the “crypto capital of the planet.”
Bitcoin has surged since Trump’s victory last month, crossing $100,000 for the first time on Wednesday. As of Friday afternoon, the price of one bitcoin was just over $101,000, down slightly from a high of $103,000 earlier this week.
