In a move that took many in the U.S. cryptocurrency industry by surprise, President-elect Donald Trump announced the appointment of Silicon Valley tech entrepreneur David Sacks as the first ever White House AI and crypto "czar." Sacks, 52, is a billionaire tech executive, venture capitalist and podcaster who made his money developing a handful of successful tech companies, including PayPal and Yammer, a workplace social networking service he sold to Microsoft in 2012 for $1.2 billion.
TRUMP NOMINATES PAUL ATKINS TO LEAD SECURITIES AND EXCHANGE COMMISSION "David Sacks is a great pick!," said Coinbase CEO Brian Armstrong in a post to his X account. "It's incredible to think what is possible with sharp, pro-tech, pro-business people in government." Jake Chervinsky, chief legal officer of crypto venture capitalist firm Variant, said the appointment signals the new administration wants to kickstart growth in two industries the U.S.