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crypto czar

Crypto Czar Crowned: David Sacks Brings Solana Fandom To The White House

Christian Encila
by Christian Encila
9 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A known cryptocurrency supporter has been appointed by US President-elect Donald Trump as the first-ever “White House AI & Crypto Czar” who will oversee the crafting of government policies on AI and crypto.

Related Reading: Bitcoin Hits $100K – And Mt. Gox Makes A $2.4 Billion Power Play

Appointing former PayPal executive David Sacks as the crypto czar is widely seen as Trump delivering on his campaign promise to reform US cryptocurrency regulations and create an environment where the industry can thrive.

Overhauling Crypto Policy

Trump announced the appointment of Sacks as White House AI and crypto czar to spearhead the overhauling of the government’s policies on cryptocurrency.

“He will work on a legal framework so the crypto industry gets the clarity it has been asking for, and can thrive in the US,” Trump said on the role of the digital currency chief.

Trump has been appointing crypto personalities in key government roles, which analysts see as a move that would transform American policies concerning the digital asset industry.

“Sacks will likely have a light touch on regulation, but not without some guardrails,” Kindred Ventures founder Steve Jang said.

No Stranger To Digital Currency

Reports said that the former Chief Operating Officer of PayPal is no stranger to cryptocurrency, adding that his firm, Multicoin Capital, is known as among the early supporters of Solana.

BREAKING: Trump names David Sacks as AI, crypto czar https://t.co/43gCbklme3

— The Hill (@thehill) December 6, 2024

Even after the crypto exchange FTX collapsed, Sacks continued to have faith in Solana, predicting that the coin would eventually outperform Ethereum.

The former PayPal executive will also chair the Presidential Council of Advisors for Science and Technology. One of Trump’s staunch supporters, Tesla CEO Elon Musk, is a close friend of Sacks.

SOL is currently trading at $234.05. Chart: TradingView

Clear Regulations On Crypto

Trump said that Sacks will be tasked to create a legal framework on cryptocurrency, giving clarity on the rules that govern the digital asset industry to allow it to flourish.

Analysts see that the framework will solve any regulatory confusion and address whether cryptocurrencies should be treated as securities or commodities.

“David will safeguard Free Speech online, and steer us away from Big Tech bias and censorship,” Trump explained.

Related Reading: Hackers Wanted! Crypto.com Puts Its Security To A $2 Million Test

Cryptocurrencies As Commodities

The incoming crypto leader believes that several digital currencies are commodities and should be under the guardianship of the Commodity Futures Trading Commission (CFTC).

As the crypto czar, Sacks will have to work directly with the US Congress, the Securities and Exchange Commission (SEC), and other federal agencies.

Crypto supporters and investors have strongly criticized the current chairman of the Securities and Exchange Commissioin, Gary Gensler, for his anti-crypto regulations that target digital asset firms.

Sacks condemned Gensler’s approach to crypto, saying that under the Trump administration, the SEC’s influence over cryptocurrencies would diminish.

Featured image from DALL-E, chart from TradingView

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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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