Trump has Chosen the 'King of Cryptocurrencies'. What is David Sacks Known For in the Cryptocurrency World?

Trump has declared that the US crypto industry will thrive under 'king' David Sacks. The businessman who heads PayPal said he looks forward to "increasing America's competitiveness" in the field of artificial intelligence and cryptocurrencies.

US President-elect Donald Trump announced a new position in his administration: a 'king' for artificial intelligence (AI) and cryptocurrencies. He nominated former PayPal COO David Sacks for this position.

"David will lead the Administration's policy on artificial intelligence and cryptocurrencies, two areas crucial to America's future competitiveness. David will focus on making America the undisputed global leader in both of these areas," Trump wrote.

David Sacks is a venture capitalist and one of the members of the so-called "PayPal Mafia". Sacks first came to prominence in the technology industry when he served as chief operating officer of PayPal, a payments company founded in the late 1990s by billionaire entrepreneur Elon Musk and investor Peter Thiel. After the sale of PayPal to eBay, Sacks left the company.

In 2017, Sacks founded the venture capital firm Craft Ventures, which he currently leads. Sacks has been investing in large technology companies for almost two decades. His most significant investments include Uber, Facebook, Airbnb, Reddit, X and SpaceX.

Craft Ventures also includes several cryptocurrency-related projects in its portfolio, including BitGo and Bitwise. According to Cryptorank, the company has also previously invested in crypto services such as dYdX, Lightning Labs (developer of the Lightning Network), River Financial, Lumina and other projects.

The dYdX token (DYDX) has seen a 29% increase in the past 24 hours, according to CoinGecko. The decentralised platform's native cryptocurrency has become a growth leader following the news of David Sacks' appointment to the role of "cryptocurrency king."

David Sacks Applauds the US House's Cryptocurrency Regulation Bill.

In November, David Sacks praised the cryptocurrency regulation bill passed by the US House of Representatives, Bloomberg wrote. Under the bill, certain types of digital assets will be regulated as commodities by the US Commodity Futures Trading Commission (CFTC).

Sacks also criticised some of the US Securities and Exchange Commission's (SEC) stance on cryptocurrencies under Chairman Gary Gensler, who will leave office in January. "Gensler's days were a nightmare for crypto companies. Those days are coming to an end," the entrepreneur said according to the publication.

On Thursday, 5 December, Trump wrote on his Truth Social page that Sacks will work on a legal framework so that "the cryptocurrency industry gets the clarity it has been asking for and can thrive in the United States." In response to Trump's statement, Sacks thanked him, saying he was honoured by the trust placed in him.

"I look forward to making America more competitive in critical technologies. The future looks bright under your leadership!" wrote Sacks on the social network H.

According to Bloomberg, the new position will give cryptocurrency advocates a direct channel to the White House and serve as a liaison between Trump, Congress, and federal agencies that deal with digital assets, including the SEC and CFTC.

Trump's willingness to prioritise the digital asset industry is reflected in his choice of close allies and members of the future administration. In late November, it emerged that the president-elect had chosen a pro-cryptocurrency candidate for Secretary of Commerce: Cantor Fitzgerald CEO Howard Lutnick.

On 5 December, Bitcoin's exchange rate surpassed $100,000 for the first time. Shortly before, it was reported that Trump had endorsed Paul Atkins, also an advocate of light regulation of cryptocurrencies, for the role of head of the SEC. Analysts attribute Bitcoin's new all-time high to this appointment.