Who is this new White House and crypto Czar? What can we expect ?

In a surprising announcement, President-elect Donald Trump has named David Sacks, ex-COO of PayPal and a prominent venture capitalist, as his chief adviser on artificial intelligence and cryptocurrency.

Trump revealed the appointment via his social media platform, Truth Social, calling AI and crypto “critical to the future of American competitiveness.”

Sacks will spearhead efforts to craft a legal framework for the crypto industry, providing much-needed regulatory clarity to foster innovation and growth in the United States.

Trump emphasized that Sacks’ role will also focus on safeguarding free speech and curbing perceived Big Tech censorship. Additionally, Sacks will chair the Presidential Council of Advisors for Science and Technology.

Crypto investors were largely cheered by his appointment, because he is supportive of the space and will likely reinforce Trump's intentions of offering light-touch regulation.

Who is David Sacks?

David Sacks is a notable Silicon Valley figure, having co-founded the social network Yammer, which was acquired by Microsoft for $1.2 billion in 2012. More recently, he has gained attention as a co-host of the popular All In podcast and a founding partner of Craft Ventures.

This appointment highlights Trump’s strategy of rewarding influential business leaders who supported his campaign. Sacks hosted a fundraiser earlier this year that raised $12 million for Trump’s campaign, underscoring his alignment with pro-business and pro-crypto policies.

Could there be a conflict of interest?

While Sacks is supportive of the industry, it is unclear how much power he would be given in his new role. Bloomberg reported that Sacks will be a "special government employee"- a part time role that doesn't require him to divest or publicly disclose his assets , and sets a maximum number of 130 working days a year.

It was also revealed that Sacks won't be leaving his VC firm.

Suresh Venkatasubramanian, an AI advisor to President Biden’s White House since 2021, has raised concerns about the lack of oversight tied to the new position and the potential conflicts of interest it might create. Speaking to TIME, he noted, “The roles and responsibilities outlined in the press announcement largely mirror those of the director of the Office of Science and Technology Policy (OSTP). The key difference is the absence of oversight.” He further pointed out that the appointee’s personal investments in AI and cryptocurrency raise questions about whether the role is advancing the broader tech industry’s interests or benefiting a select few individuals