President Donald Trump has introduced a new direction in U.S. cryptocurrency policy by naming former PayPal Chief Operating Officer David Sacks as the “White House A.I. & Crypto Consultant.”
This decision represents a significant shift from the tight approach taken by the Biden administration and SEC Chair Gary Gensler, which faced widespread backlash from the crypto community.
Trump had previously promised to revamp the regulatory environment, proposing an expanded oversight role for the Commodity Futures Trading Commission (CFTC).
While initial speculation suggested Chris Giancarlo, the former CFTC head, for the Crypto Consultant role, Trump’s choice of Sacks indicates a fresh perspective on blending innovation and regulation.
Though Trump did not confirm if “Consultant” is an official title, he revealed in a post on Truth Social,
“I am excited to reveal that David O. Sacks will serve as the ‘White House A.I. & Crypto Consultant.'”
How will David Sacks Transform Crypto Oversight?
According to Trump, Sacks will supervise the development of policies for Artificial Intelligence and Cryptocurrency, crucial for maintaining America’s dominance globally.
His focus will be on positioning the U.S. as a pioneer in innovation while safeguarding online freedom of expression.
Furthermore, he will address issues related to partiality and curbing of speech by Big Tech, promoting a just and equitable digital environment.
Offering more insights into Sacks’ responsibilities, Trump mentioned,
“He will create a legal structure to provide the clarity sought by the Crypto sector and enable it to flourish in the U.S. David will also head the Presidential Council of Advisors for Science and Technology…”
Other Key Appointments Influencing the Crypto Sector Positively
In addition, David Sacks is anticipated to collaborate closely with tech innovator Elon Musk, who has been appointed to lead the newly established Department of Government Efficiency (Doge) in Trump’s administration.
Simultaneously, Trump’s decision to appoint Paul Atkins, recognized for advocating lenient regulations on digital assets, as the new SEC chair, signals a change in the cryptocurrency regulatory landscape.
This development coincided with Bitcoin [BTC] briefly surpassing the $100K milestone, marking a significant moment for the crypto sector.
However, BTC has since declined, trading at $98,008.57 after a 4.23% decrease in the last 24 hours, as per CoinMarketCap, indicating the prevailing volatility in the market.