Trump appointed the former COO of PayPal as the "crypto czar" of his administration.
Trump announced this on his social media platform, Truth Social.
David Sachs is the former Chief Operating Officer of the payment system PayPal. There, he collaborated with Elon Musk and billionaire Peter Thiel, a long-time associate of Trump's chosen vice-presidential candidate, J.D. Vance.
Trump declared that Sachs will be the “king of the White House for AI and cryptocurrencies.” This position did not exist before, so it remains unclear how it will be organized within the government and what powers the “crypto czar” will hold.
Trump stated that Sachs will “focus on making America a clear global leader” in artificial intelligence and cryptocurrency, which the Republican claims are “crucial for the future of American competitiveness.”
“He will protect free speech on the internet and shield us from bias and censorship by Big Tech. He will work on legislative frameworks to provide the clarity the crypto industry has requested, enabling it to thrive in the U.S.”, Trump wrote.
Trump's Stance on Cryptocurrencies
In 2019, during his presidency, Trump stated that Bitcoin “is not money,” that it “is very volatile and based on nothing,” and that crypto assets contribute to the growth of illegal underground markets. By 2024, Trump claimed he would end “Joe Biden and Kamala Harris's crusade against cryptocurrency” if elected.
During his campaign, Trump promised to turn the United States into the “crypto capital of the world.” He aims to increase energy production by utilizing all available sources, including fossil fuels and nuclear energy. According to him, this will be essential not only for Bitcoin but also for winning the race for dominance in artificial intelligence.
“If cryptocurrency is going to define the future, I want it to be mined, minted, and produced in the U.S.”, Trump stated.
He also emphasized the need to create a “strategic national reserve of Bitcoin” and to put an end to the “regulators' hostility” towards cryptocurrency.