Key Points
- President Trump appoints David Sacks, former PayPal COO, as the “White House A.I. & Crypto Czar”.
- Sacks’ appointment, along with other changes, marks a significant shift in U.S. crypto policy.
President Trump recently announced a major change in U.S. crypto policy. This change is signified by the appointment of David Sacks, former COO of PayPal, as the “White House A.I. & Crypto Czar”.
This is a significant change from the restrictive approach previously adopted by the Biden administration and SEC Chair Gary Gensler, which was criticized by the crypto community.
Trump’s New Approach to Crypto
Trump has promised to reshape the regulatory landscape, and had previously proposed a larger oversight role for the Commodity Futures Trading Commission (CFTC).
While there was speculation that Chris Giancarlo, the former CFTC chair, would be appointed as the Crypto Czar, Trump’s decision to appoint Sacks indicates a new approach to integrating innovation and regulation.
David Sacks’ Role in Crypto Regulation
According to Trump, Sacks will oversee policies for Artificial Intelligence and Cryptocurrency, both of which are crucial for maintaining America’s global leadership.
He will work towards establishing the U.S. as a leader in innovation while protecting online free speech. He will also address issues of bias and censorship from Big Tech, promoting a balanced and fair digital ecosystem.
In addition, David Sacks is expected to work closely with Elon Musk, who has been selected to lead the newly formed Department of Government Efficiency (Doge) in Trump’s administration.
Trump also appointed Paul Atkins, known for advocating for relaxed regulations on digital assets, as the new SEC chair. This signals a shift in the regulatory landscape for cryptocurrencies.
This announcement coincided with Bitcoin briefly crossing the $100K mark, a historic moment for the crypto industry. However, Bitcoin has since dropped, reflecting the ongoing market volatility.
