[NEWS] President-elect Trump appoints former PayPal executive David Sachs as special envoy on AI and cryptocurrencies

On the 5th, President-elect Trump announced that he would appoint former PayPal COO David Sacks as his special envoy on AI and crypto assets.

On the social networking site Truth Social, which he launched, Trump said, "(Sacks) will work to ensure the transparency the cryptocurrency industry has been calling for and to build a legal framework to enable it to thrive in the United States." He also emphasized that Sacks will be leading policy on AI and crypto assets in the United States. In addition, Sacks will also serve as chairman of the President's Council of Advisors on Science and Technology.

This is the first time that a position dedicated to crypto assets has been established in the White House. Trump has announced a policy to promote cryptocurrency policies, and the industry is generally positive about it.

Sacks, who was appointed as the special envoy on AI and crypto assets by the Trump administration, is also known as the co-founder of venture capital firm Craft Ventures. Craft Ventures is also an early investor in Solana (SOL).

Sacks is one of those who have a positive outlook on crypto assets. In a previous interview with CNBC, he said, “Bitcoin (BTC) is revolutionizing the Internet.”

The Trump administration has many cryptocurrency advocates on its list. The administration has nominated Vice President-elect James David Vance, Secretary of Defense Pete Hegseth, and Secretary of Health and Human Services Robert F. Kennedy Jr.

Amid this, Trump nominated Paul Atkins as the next Chairman of the SEC (U.S. Securities and Exchange Commission). Atkins is known to be a proponent of cryptocurrency.

Trump described Atkins as "a proven leader who pursues common-sense regulations." At that time, Trump also said, "Cryptocurrency and new technologies are essential to making America greater than it's ever been," emphasizing his stance of promoting cryptocurrency once again.

Reference: Trump Announcement
Image: Shutterstock

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