President-elect Donald Trump has named David Sacks, former COO of PayPal, as the new “White House A.I. & Crypto Czar.” Sacks will spearhead efforts to establish a legal framework for cryptocurrencies, a move aimed at providing clarity to the industry and fostering growth in the United States. This announcement marks a pivotal shift in U.S. policy, with plans to establish a crypto advisory council to support regulatory development.

A Friendlier Landscape for Crypto

Trump’s administration has signaled a pro-crypto stance, appointing Paul Atkins, a noted crypto advocate, to head the SEC. These decisions have been celebrated by industry leaders, with bitcoin surpassing $100,000 for the first time. Investors believe Sacks’ appointment reflects a commitment to minimal regulation, balanced with essential safeguards.

AI Regulation in Focus

Sacks is expected to concentrate on regulating the applications of AI rather than its development. This approach aims to prevent overregulation, which Silicon Valley has previously opposed, while addressing critical concerns in fields like healthcare and security.

Industry Cheers the Appointment

Sacks’ extensive experience in venture capital and technology, coupled with his early support for cryptocurrencies, has reassured investors. Industry leaders, including OpenAI CEO Sam Altman and venture capitalist Elad Gil, lauded the decision, calling it a “strong move” for innovation.

With Trump’s promise to make the U.S. the “crypto capital of the planet,” the industry is poised for transformative growth under Sacks’ leadership.