Trump picks venture capitalist for AI and crypto advisory
Donald Trump announced that David Sacks, a well-known figure in the venture capital industry, will serve as his advisor on artificial intelligence (AI) and cryptocurrencies in the administration. Trump referred to him as the crypto "czar," with the responsibility to "safeguard Free Speech online."
David Sacks, the founder of the Craft Ventures fund, played a key role in garnering support and raising funds for Donald Trump in Silicon Valley during the campaign. Bloomberg notes that Sacks organized fundraising events for Trump's election fund among donors from the technology sector. He also co-hosted an event at his home in San Francisco in June, with tickets priced at $300,000 per person.
Trump chose the crypto "czar" for his administration
Sacks is also closely associated with Vice President-elect J.D. Vance, a former investor and now senator from Ohio.
"David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas," Trump wrote on Truth Social.
Bloomberg highlights that Sacks is a member of the so-called PayPal Mafia. He gained recognition in the tech industry while serving as the COO of PayPal, where he met notable figures like Elon Musk and Peter Thiel. In 2017, Sacks founded Craft Ventures, which has invested in companies such as SpaceX, led by Elon Musk.
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Sacks had previously indicated that he might not accept a position in the administration, but his latest post suggests he has changed his mind. "I am honoredand grateful for the trust you have placed in me [...] Under your leadership, the future is bright," Sacks wrote on the X platform.
A Craft spokesperson told Bloomberg that Sacks will remain with the fund. Trump also stated that Sacks "will safeguard Free Speech online, and steer us away from Big Tech bias and censorship."
