Trump stated on his social media platform, Truth Social, that Sacks will work on a legal framework to provide the crypto industry with the clarity it has been asking for and that it can thrive in the US.
Sacks will lead efforts to draft regulatory policies for the burgeoning cryptocurrency sector, addressing long-standing industry demands for precise legal guidance. This role will also involve steering the administration’s approach to artificial intelligence, focusing on critical applications rather than the broader development of AI models.
Trump has revealed plans for a crypto advisory council and significant appointments to federal agencies that oversee digital assets. Among them is Paul Atkins, a prominent lawyer and crypto advocate, who was nominated to chair the Securities and Exchange Commission (SEC). This, along with creating a crypto-friendly administration, has buoyed investor confidence.
Bitcoin’s value surged past $100,000 for the first time, because people gambling on crypto market believe that Trump’s policies will continue to increase the value of their “investments”.
Matthew Dibb, Chief Investment Officer at cryptocurrency asset manager Astronaut Capital, described the news as "extremely bullish."
"David has had somewhat of a hands-on approach to crypto over the years, sometimes holding coins such as solana. He appears to be a lot more technically and commercially competent regarding crypto than most would think," Dibb said.
Elad Gil, an entrepreneur and investor in Coinbase, called the decision a "strong move," while OpenAI CEO Sam Altman congratulated Sacks on X, formerly known as Twitter.
"Sacks will likely have a light touch on regulation, but not without some guardrails," he said,
Steve Jang, founder of Kindred Ventures and a co-investor with Sacks in AI and crypto startups. He predicted that Sacks would prioritise regulating AI’s use in critical sectors over the broader technology development.
Born in South Africa, the 52-year-old Sacks co-founded Craft Ventures. They played a pivotal role in PayPal’s early success, earning him a place in the "PayPal Mafia," a network of former PayPal executives that includes prominent Trump supporters Peter Thiel and Elon Musk.
Sacks has been a vocal advocate for cryptocurrencies, describing the rise of Bitcoin as revolutionary. In a 2017 interview with CNBC, he said,
"It feels like we are witnessing the birth of a new kind of web. Some people have called it the decentralised web or the internet of money."
Sacks will also chair a White House advisory council on science and technology, complementing his cryptocurrency and AI policy work. His role will intersect with that of Elon Musk, whom Trump has appointed as co-lead of the newly created Department of Government Efficiency, informally referred to as DOGE.
Trump’s pivot towards a tech-forward agenda is a striking shift from his earlier scepticism towards digital assets. During his campaign, he pledged to position the US as the "crypto capital of the planet" and hinted at plans to amass a national bitcoin reserve.
