President-elect Donald Trump’s unexpected appointment to lead policy on artificial intelligence (AI) and cryptocurrency is David Sacks, a tech-savvy entrepreneur who is notably skeptical of government regulation. Although Sacks only has a few cryptocurrency and AI investments to his name, industry leaders view his tech-friendly worldview and opposition to government involvement in private industries as vital for these sectors.
Keith Rabois, a fellow tech investor, anticipates that Sacks will bring the United States to the forefront of innovation and prevent undue censorship of new technology from left-wing biases. However, some remain anxious about Sacks’ allegiance given his ties to Elon Musk and financial investments in Musk’s AI startup, xAI.
Despite these apprehensions, many applaud Sacks’ appointment, anticipating that his leadership will bring clarity to cryptocurrency startups and mitigate the risk of government overreach in AI—a concern that has led many startups to move abroad. In addition, the appointment does not require Sacks to divest or publicly disclose his assets, and the position will function as an advisory role rather than a full-time government job.
While some industry observers would have preferred separate oversight of AI and cryptocurrency, the President-elect’s decision for a combined role under Sacks’ leadership is seen as a positive move. Sacks’ diverse career includes positions at PayPal, Hollywood, and his own venture firm, Craft, which holds stakes in businesses owned by Musk, including SpaceX.
Sacks, who has expressed both support and critique of crypto, also reaps significant profits from it as Craft Ventures invested in Multicoin Capital early on, achieving substantial returns from the Solana cryptocurrency.
