President-elect Donald Trump has appointed David Sacks, a former PayPal executive and venture capitalist, as the White House's lead advisor on artificial intelligence (AI) and cryptocurrency.
Announced on Dec. 6 via Trump's social media platform, Truth Social, Sacks' role will focus on developing a clear legal framework for the cryptocurrency industry and safeguarding online speech.
“David O. Sacks will be the ‘White House A.I. & Crypto Czar,’” Trump announced on Dec. 6 via his Truth Social platform. “He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.”
This comes after Bloomberg on Nov. 20 reported that Trump’s transition team is exploring the creation of a White House crypto czar — a position dedicated solely to digital asset policy. The role is expected to establish a direct line to the President, work closely with Congress, and facilitate coordination among agencies such as the SEC and CFTC.
Former CFTC Chair Chris Giancarlo, known as “Crypto Dad,” had emerged as the leading candidate for the role, reports suggest. Two other names were also reportedly under consideration including Brian Brooks, former acting Comptroller of the Currency, and Brian Quintenz, a16z’s head of policy.
Earlier this week, Trump named Paul Atkins, a well-known crypto advocate, as the new chair of the SEC.
Who is David Sacks?
Sacks is a prominent figure in technology and venture capital. He earned his Bachelor’s degree in Economics from Stanford University and a Juris Doctor (JD) from the University of Chicago Law School.
In 1999, Sack became PayPal’s Chief Operating Officer (COO), he was instrumental in scaling the company’s operations, earning him a spot in the “PayPal Mafia,” a group of former executives who went on to become influential in Silicon Valley.
After PayPal, Sacks co-founded Yammer, a business-focused social networking service acquired by Microsoft for $1.2 billion in 2012. He later co-founded Craft Ventures, a venture capital firm.
Sacks also co-hosts the All In podcast, where he frequently discusses technology, business, and politics.
Sacks’ Views on Crypto
Sacks has long been a proponent of cryptocurrency, viewing it as a transformative technology. In a 2017 interview , he drew parallels between Bitcoin and PayPal’s original vision.
“[Bitcoin] is fulfilling PayPal’s original vision to create “the new world currency.” We actually had T-shirts printed in 1999 with that mission statement. … We believed that, if we could get enough people to participate, money would never need to leave the system,” he said.
Sacks has frequently criticized the Securities and Exchange Commission (SEC) and the broader regulatory approach to cryptocurrency in the United States.
In a podcast on Mar. 24, 2023, Sacks voiced concerns about what he described as a coordinated government crackdown on crypto, referencing Nic Carter's article on Operation Choke Point 2.0.
“I think it’s hard to argue that there isn’t a concerted effort now to crack down on crypto by a wide variety of government agencies and authorities, starting with Gensler at the SEC, who seems incredibly hostile to crypto,” Sacks said .
In another episode, Sacks expressed frustration over SEC overreach, arguing that regulatory clarity should be a priority. “It is not up to the chairman of the SEC to say that Americans shouldn’t be holding crypto,” Sacks added .
A Pro-Crypto Administration
Trump is also considering multiple pro-crypto candidates to take the helm at financial regulatory institutions, including the CFTC, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Howard Lutnick, CEO of Cantor Fitzgerald, is another figure being considered for a role in Trump’s administration. Lutnick has been tapped to run the U.S. Commerce Department, where his primary responsibility would be implementing Trump’s tariff and trade agenda.
During his campaign, Trump pledged to fire Gary Gensler, the chair of the SEC, “on day one” of his second term in office. On Nov. 21, Gensler announced his decision to step down on January 20, 2025.
Crypto Firms Lobbying for Advisory Council Seats
Trump’s administration is also exploring the creation of a dedicated crypto advisory council, as first announced during the Bitcoin2024 conference in July. This council is expected to work with Congress on legislation, advice on regulatory frameworks, and coordinate efforts across agencies like the SEC, Commodity Futures Trading Commission (CFTC), and Treasury.
Sacks would likely lead the advisory council and oversee a team tasked with implementing Trump’s crypto agenda.
Major crypto firms are vying for seats on Trump’s advisory council. Companies like Ripple, Kraken, Circle, and Coinbase have reportedly engaged with Trump’s transition team.
