Unlock the White House Watch newsletter for free
Your guide to what the 2024 US election means for Washington and the world
President-elect Donald Trump has named venture capitalist David Sacks as the White House’s artificial intelligence and cryptocurrency tsar, the latest confidant of Elon Musk to receive a top appointment in the new government.
Sacks, who was an early employee alongside Musk at PayPal, is a co-host of the All-In podcast and emerged as one of the earliest and most vocal Silicon Valley supporters of Trump, hosting a fundraiser for the candidate in San Francisco in June.
“David has the knowledge, business experience, intelligence and pragmatism to MAKE AMERICA GREAT in these two critical technologies,” Trump posted on his social media platform, Truth Social.
“He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the US,” he added.
AI and crypto regulation are two of the incoming administration’s most pressing priorities.
Crypto investors and founders hope Trump will take a more favourable approach to the sector than Joe Biden’s administration, after the president-elect offered vocal support for digital currencies during his campaign.
This week Trump nominated Paul Atkins, who is sympathetic to the sector, to head the Securities and Exchange Commission. The price of bitcoin, which has soared since the election, climbed past $100,000 for the first time on Thursday after Atkins’s selection.
Trump’s position on AI is less clear, but in his first term he issued an executive order “committed to strengthening American leadership in AI” and many in the sector anticipate lighter regulation.
Sacks threw his weight behind Trump on social media and via his podcast during the campaign. His support earned him a speaking slot at the Republican National Convention in July.
He has been vocal on foreign policy issues as well as tech concerns, including repeatedly criticising President Biden’s approach to Russia’s invasion of Ukraine. Sacks has argued instead for Kyiv to “cut a deal” to ensure a swift ceasefire with Moscow.
His appointment creates another bond between Trump’s Republican party and Silicon Valley, which has historically been a Democratic stronghold.
Musk is the most prominent member of the tech elite to have taken a role in the incoming administration, but other high-profile figures such as venture capitalist Marc Andreessen have played informal roles such as helping to find candidates for the ‘department of government efficiency’.
Sacks is part of a so-called PayPal mafia, a group of founders and early employees at the payments company that includes Musk, Palantir co-founder Peter Thiel, LinkedIn co-founder Reid Hoffman and Sequoia managing partner Roelof Botha.
He has deepened his connection to Musk by backing a number of the entrepreneur’s companies, including xAI, X and SpaceX, through his venture capital firm Craft Ventures.
Sacks in May launched his own AI chat platform called Glue.
Sacks’s firm said his new position would not conflict with his existing positions.
“The tsar is an advisory role and has the same government classification as ‘doge’, which does not require David to leave Craft,” the firm said.
Read the full article here
