President-Elect Donald Trump has named David Sacks as his “Whitehouse AI and Crypto Czar,” which bolstered the optimistic feeling in the cryptocurrency industry.
Donald Trump, who will take office in January 2025, revealed the news on Truth Social, stating that Sacks will be responsible for creating a legal framework for the cryptocurrency sector.
In the post, Trump stated, “He will work on a legal framework so the Crypto industry has the clarity it has been asking for and can thrive in the U.S.” He did not specify whether “czar” was an actual title.
Along with a newly established crypto advisory council, the crypto czar and other members of Trump’s incoming administration, including the chairs of the Securities and Exchange Commission and Commodity Futures Trading Commission, are anticipated to revise U.S. policy regarding digital currency.
In general, Trump’s tech supporters favour less regulation of artificial intelligence and cryptocurrencies like bitcoin, arguing that Washington would stifle developing, creative industries with onerous regulations.
The sector applauded Trump’s announcement on Wednesday that he was appointing Paul Atkins, a prominent Washington attorney and crypto supporter, to head the SEC.
During his campaign, Trump, who once called cryptocurrency a hoax, pledged to establish the US as the “crypto capital of the planet” and to build up a national bitcoin reserve.
