Donald Trump said he has selected venture capital investor David Sacks of Craft Ventures to serve as his security czar. artificial intelligence e cryptocurrenciesa newly created position that highlights the president-elect’s intention to boost two rapidly developing industries.
“David will guide the administration’s policy on artificial intelligence and cryptocurrencies, two areas critical to the future of American competitiveness. David will focus on making the United States the undisputed global leader in both areas,” Trump said Thursday in a post on his Truth Social network.
Trump said Sacks will also lead the President’s Council of Advisors on Science and Technology.
In Sacks, Trump taps one of his most prominent Silicon Valley supporters and fundraisers in the technology sector for a top position in his administration. Sacks played a crucial role in boosting Trump’s fundraising among tech industry backers, including co-hosting an event at his San Francisco home in June, with tickets priced at $300,000 per person. Sacks is also closely associated with Vice President-elect JD Vance, an investor turned Ohio senator.
Sacks is a venture capitalist and part of Silicon Valley’s “PayPal Mafia.” He made a name for himself in the technology industry during his time as chief operating officer of PayPal, a payments company whose founders included billionaire entrepreneur Elon Musk and investor Peter Thiel, in the late 1990s. After the company’s sale to eBay, Sacks turned to Hollywood, where he produced the satire “Thank You for Smoking” in 2005.
Back in Silicon Valley, Sacks founded corporate communications company Yammer, which was acquired by Microsoft in 2012 for $1.2 billion. In 2017, he created his own venture capital firm, Craft Ventures, and invested in Musk’s businesses, including SpaceX.
Sacks said in a recent episode of his All-In podcast that a “key manager clause” in his venture capital firm’s legal agreements would likely prevent him from taking on a full-time role, but that he would consider an advisory role at the new administration.
A Craft spokeswoman said Sacks is not leaving the company.
In his post, Trump declared that Sacks “will protect free speech online and lead us away from the bigotry and censorship of Big Tech companies.” Protecting free speech is a strong interest of Sacks. He regularly speaks out about “woke” interests that try to silence unpopular opinions and positions.
Cryptocurrency Czar
The new position should help the deregulation of the cryptocurrency industry that Trump promised during his election campaign. The role is expected to offer cryptocurrency advocates a direct line to the White House and serve as a liaison between Trump, Congress and federal agencies that handle digital assets, including the Securities and Exchange Commission SEC and the Futures Trading Commission of Commodities.
Trump has campaigned heavily in support of cryptocurrencies, after previously disparaging digital assets during his first term in the White House, saying their “value is highly volatile and based on thin air.”
The president-elect said on Thursday that Sacks would “work on a legal framework so that the cryptocurrency industry has the clarity it has been asking for, and can thrive in the US.”
During the election campaign, Trump spoke at a conference about Bitcoinhas accepted campaign donations from the cryptocurrency industry and has met with executives from Bitcoin mining companies and cryptocurrency exchanges several times.
Trump’s desire to prioritize the digital asset industry is also reflected in his closest allies and his Cabinet picks, including his nominations for Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent. Earlier this week, Trump named cryptocurrency advocate Paul Atkins to lead the SEC.
