President Trump’s Crypto Czar David Sacks Wants To Ensure “American Dominance In Digital Assets”
on Feb 04, 2025
Who Is David Sacks? Meet President Trump’s New AI And Crypto Czar
On Tuesday (February 4), David Sacks, the White House’s AI and Crypto Czar, hosted a press conference to discuss the country’s future in the world of digital assets.
Sacks is an entrepreneur, author, and investor. He is perhaps most well-known as the general partner of the capital venture fund Craft Ventures, which he co-founded in 2017. He also previously served as the COO and product leader at PayPal and is the founder and CEO of the social networking app Yammer, now called Viva Engage. Sacks also served as the interim CEO of the technology company Zenefits for ten months.
Additionally, Sacks has co-hosted the All-In podcast, which focuses on topics relating to American businesses, market trends, politics, and technology.
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In December 2024, then-incoming President Donald Trump named Sacks as the White House AI and Crypto Czar.
As TIME reported in December, since this role is brand-new, it’s “unclear” exactly how much power it holds. The publication states, “Sacks will start the Administration with Trump’s ear on key policy decisions in these two rapidly growing sectors.” Those sectors, of course, are artificial intelligence (AI) and cryptocurrency.
Sacks thanked Trump for the appointment, writing, “I am honored and grateful for the trust you’ve placed in me. I look forward to advancing American competitiveness in these critical technologies.“
https://t.co/DllC6aJYoG pic.twitter.com/Li86cNDuP8
— David Sacks (@DavidSacks) December 6, 2024
Sacks Hosts Press Conference Discussing Plans To Strengthen America’s Position As A Frontrunner In The World Of Digital Assets
On Monday (February 3), reports surfaced that David Sacks planned to host a press conference discussing how “to secure America as a leader in the digital asset ecosystem.” The press conference was set for the following day (Tuesday, February 4) at 2:30 PM ET at the Dirksen Senate Office Building.
The press conference also featured appearances from:
- Senate Banking Committee Chairman Tim Scott
- Senate Agriculture Committee Chairman John Boozman
- House Financial Services Committee Chairman French Hill
- House Agriculture Committee Chairman G.T. Thompson
JUST IN: Donald Trump's Crypto Czar David Sacks reportedly to hold press conference tomorrow to discuss how "to secure America as a leader in the digital asset ecosystem." 🇺🇸 pic.twitter.com/yLxPdNaKGM
— Bitcoin Magazine (@BitcoinMagazine) February 3, 2025
During the conference, Sacks said the U.S. House and Senate are forming a joint working group to help advance legislation related to cryptocurrency. He also laid out a pro-crypto agenda for the country, which he said has been a “week-one priority” since Trump took office.
Part of that agenda relates to a new bill penned by Senator Bill Hagerty, a Republican from Tennessee. As CoinDesk reports, this bill aims “to set up U.S. oversight of stablecoin issuers, splitting regulation between state agencies and federal watchdogs—specifically the Federal Reserve and the Office of the Comptroller of the Currency.”
“Financial assets are destined to become digital, just like every analog industry has become digital, and we want that value creation to happen in the United States, rather than giving it away to other countries,” Sacks said.
CoinDesk adds that the House and Senate plan to form a bicameral working group to advance crypto legislation in the future.
Sacks said he’s looking forward to “creating a golden age in digital assets” in America and reiterated his main goal of “ensuring American dominance in digital assets.” He stated his belief that “stablecoins have the potential to ensure the American dollar dominance internationally.”
Additionally, Sacks added that one of the things President Trump instructed him to do was “to evaluate the idea for a Bitcoin Reserve.” Sacks said that’s one of the first things they’ll be looking into.
What do you think about what David Sacks and the other leaders had to say during today’s press conference?
