US President-elect Donald Trump Appoints Cryptocurrency Czar
A New Era for Cryptocurrency in the US
US President-elect Donald Trump has made a significant U-turn on his approach to cryptocurrency, which he once labelled a scam. In a recent post on his social-media site Truth Social, Trump announced the appointment of former PayPal chief operating officer David Sacks as his artificial intelligence and cryptocurrency czar.
Clearing the Way for Cryptocurrency Growth
Sacks will work on establishing a legal framework that provides clarity for the crypto industry, allowing it to thrive in the US. This move is seen as a significant step towards overhauling US policy on digital currency. The crypto czar and other officials in Trump’s incoming administration, including the chairs of the securities and exchange commission and commodity futures trading commission, are expected to reshape US policy on digital currency along with a newly created crypto advisory council.
Minimal Regulation for AI and Cryptocurrencies
Trump’s tech backers generally want to see minimal regulation around AI and cryptocurrencies such as Bitcoin, arguing that excessive rules would throttle growing innovative sectors. This approach is expected to provide a boost to the crypto industry, which has been growing rapidly in recent years.
Paul Atkins to Lead SEC
Trump announced on Wednesday that he was nominating prominent Washington lawyer and crypto advocate Paul Atkins to lead the SEC, a move celebrated by the industry. Atkins is expected to play a key role in shaping US policy on digital assets.
A New Era for Cryptocurrency
The cryptocurrency broke US$100,000 for the first time on Wednesday night, a milestone hailed even by sceptics as a coming-of-age for digital assets. Investors are betting on a friendly US administration to cement the place of cryptocurrencies in financial markets.
About David Sacks
Born in South Africa, Sacks, 52, is a co-founder of venture capital firm Craft Ventures and an early leader of PayPal, a payment processing firm that was acquired by eBay in 2002. He is also a former chief executive of software company Zenefits and founded Yammer, a social network for enterprise users.
An Early Evangelist of Cryptocurrencies
Sacks was an early evangelist of cryptocurrencies, telling CNBC in a 2017 interview that he believed the rise of bitcoin, the world’s largest cryptocurrency, was revolutionising the internet. “It feels like we are witnessing the birth of a new kind of web. Some people have called it the decentralised web or the internet of money,” he said.
Leading a White House Advisory Council
Trump said Sacks will also lead a White House advisory council on science and technology, further solidifying his role in shaping US policy on AI and cryptocurrencies.
Conclusion
The appointment of David Sacks as Trump’s artificial intelligence and cryptocurrency czar marks a significant shift in US policy on digital currency. With Sacks at the helm, the crypto industry can expect a more friendly and supportive regulatory environment, which could lead to further growth and innovation in the sector.
FAQs
Q: What is the role of the crypto czar?
A: The crypto czar is responsible for establishing a legal framework that provides clarity for the crypto industry, allowing it to thrive in the US.
Q: Who is David Sacks?
A: David Sacks is a former PayPal chief operating officer and co-founder of venture capital firm Craft Ventures. He is an early evangelist of cryptocurrencies and has been appointed as Trump’s artificial intelligence and cryptocurrency czar.
Q: What is the significance of the appointment of Paul Atkins to lead the SEC?
A: The appointment of Paul Atkins to lead the SEC is significant because he is a prominent Washington lawyer and crypto advocate who is expected to play a key role in shaping US policy on digital assets.
Q: What is the current state of the cryptocurrency market?
A: The cryptocurrency market is currently experiencing significant growth, with the price of Bitcoin breaking US$100,000 for the first time.