Former PayPal COO David Sacks has been appointed by incoming president Donald Trump to advise on cryptocurrency and artificial intelligence (AI) policy. Trump announced Sacks’ new role as a White House advisor via Truth Social, stating that Sacks will be tasked with developing a legal framework to provide clarity and foster growth for the US crypto industry.
Sacks, known for his involvement with the “PayPal Mafia,” boasts a significant entrepreneurial and investment background. He co-founded Yammer, a workplace communication platform acquired by Microsoft for $1.2 billion, and leads Craft Ventures, a venture capital firm with investments in notable companies such as SpaceX, Reddit, and ClickUp.
Sacks’ longstanding interest in digital currencies aligns with this new appointment. In a 2017 CNBC interview, he posited that cryptocurrencies like Bitcoin and Ethereum embody the initial vision of PayPal: a self-contained monetary database facilitating seamless transactions.
While Sacks’ specific stance on AI policy remains less defined, his generally right-leaning, deregulatory approach suggests a potential shift towards less stringent oversight compared to the Biden administration. This appointment signals a potential change in the regulatory landscape for both the crypto and AI sectors under the upcoming Trump presidency. Further details regarding Sacks’ specific policy recommendations and their implementation are yet to be revealed.
