US President-elect Donald Trump has tapped former PayPal COO David Sachs to be part of his Cabinet and has a new title for him – ‘White House AI and Crypto Czar’. Trump made the announcement on the social networking site Truth Social.
“He will work on the legal framework so that there is clarity that the crypto industry has been asking for,” Trump said on Truth Social on Friday.
Responding to Trump’s announcement, Sacks posted on X, “Thank you Mr. President. I am honored and grateful for the confidence you have placed in me. I look forward to advancing American competitiveness in these critical technologies. Under your leadership, the future is bright!”
Bora’s entry into the Trump administration, Among other additions, such as chairmen of the Securities and Exchange Commission and the Commodity Futures Trading Commission, are expected to reshape existing digital currency policy in the United States.
Who is David O. Sachs?
An outspoken Trump supporter during the US election campaign, David O’Sacks has a diverse business portfolio as an angel investor and entrepreneur. He is the co-founder of Craft Ventures, a venture capital firm, and Glue, an AI tool used in workplace platforms such as Google Meet and Zoom.
Sacks has been investing in big-tech firms for nearly two decades, with his most notable investments in Uber, Facebook, Airbnb, Slack, Paypal, and SpaceX, which is led by Trump ally Elon Musk.
Sachs’ tenure as Paypal’s COO had a significant impact on the company. Under his leadership, Paypal expanded its core teams and launched its initial public offering. Considered a member of the ‘Paypal mafia’, Sacks was one of the company’s early employees who went on to found a string of other successful tech companies.
David Sachs Endorses Trump
David Sacks has often leaned politically toward the Republican Party in Senate and local elections, and has organized lavish fundraisers for Republican candidates Rob DeSantis and Donald Trump in the presidential race, raising nearly $12 million for the latter.
Aligning with Trump’s agenda, Sachs has also criticized the current Democratic government’s “involvement” in the Russia-Ukraine war, saying the US “provoked” Russia to invade Ukraine, which led to global unrest.
However, Sachs was highly critical of the Capitol riots on January 6, 2021, holding Donald Trump “clearly responsible” for the incident. In an episode of his All-In podcast, Sax Trump “disqualified himself from being a candidate at the national level” after the riots.