President-elect Donald Trump is stacking his cabinet with pro-crypto heavyweights, aiming to make the US the “crypto capital of the planet.”
His latest pick, David O. Sacks — a former PayPal chief operating officer and early Bitcoin advocate — will serve as Trump’s crypto and artificial intelligence czar.
And industry pundits were quick to applaud the announcement.
“David’s a multiple-time tech founder with huge successes,” said Tyler Winklevoss, co-founder of crypto exchange Gemini. “He was super early in crypto and is supporting Trump to make America pro-business, pro-innovation, and pro-crypto.”
With Sacks and other appointees shaping policy, the $3.7 trillion crypto market and the rapidly growing AI industry could see major shifts under Trump’s administration.
The buzz around AI and crypto is palpable. Investors had poured $750 million into the intersection of the two by June this year. They have reason to be bullish: Researchers estimate that the combo will add $20 trillion to the global economy by 2030.
Trump made several pro-crypto promised during his campaign. With picks like Sacks, the industry expects him to deliver on those promises.
Crypto czar
Trump described the crypto and AI czar role as pivotal to ensuring America’s dominance in emerging technologies.
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“David will guide policy for the administration in artificial intelligence and cryptocurrency, two areas critical to the future of American competitiveness,” Trump wrote on Truth Social. “He will work on a legal framework so the crypto industry has the clarity it has been asking for and can thrive in the US.”
Sacks is a member of the “PayPal Mafia,” a group of PayPal alumni credited with founding and funding some of the most influential tech companies of today.
The group includes X owner Elon Musk, and Palantir Technologies co-founder Peter Thiel. Musk publicly backed Trump in the 2024 election and Thiel has backed Trump in the past.
Sacks has long championed the potential of Bitcoin and blockchain technology.
“Bitcoin is fulfilling PayPal’s original vision of creating a ‘new world currency,’” Sacks said in a 2017 interview with CNBC, contrasting PayPal’s centralised approach to digital currency with Bitcoin’s decentralised model.
He has also emphasised Bitcoin’s role in providing an alternative to fiat currencies, which he argues are vulnerable to debasement by government monetary policies.
“Bitcoin offers a different kind of currency, not backed by a government — it’s backed by math, it’s backed by encryption,” Sacks said during a 2022 podcast appearance.
Crypto cabinet
Trump has already made a number of pro-crypto appointments to his cabinet that suggest an incoming shift in US policy toward digital assets.
Treasury secretary pick Scott Bessent, a veteran hedge fund manager, sees crypto as essential to economic freedom and innovation.
“Crypto is about freedom, and the crypto economy is here to stay,” Bessent said in a July interview, praising Trump’s optimism about the industry’s potential.
At the SEC, Paul Atkins, a former commissioner and long-time crypto advocate, is set to replace outgoing Chair Gary Gensler.
Atkins’ ties to the industry include his advisory roles with The Digital Chamber and Securitize, and he has been lauded for his stance on regulations that support innovation while protecting investors.
Commerce Secretary nominee Howard Lutnick, CEO of Cantor Fitzgerald, also brings crypto expertise, with his firm managing Tether’s $132 billion reserves.
Crypto market movers
Bitcoin is down 4.6% over the last 24 hours to $98,195.Ethereum is down 1.6% to $3,875.
What we’re reading
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at [email protected].
