Trump appoints first 'AI and Crypto Assets Tsar'!

Jinshi Data

Trump picked David Sacks, a risk investor at Craft Ventures LLC, to serve as his AI and 'Cryptocurrency Czar'. This is a newly established position, highlighting the President-elect's intention to drive two rapidly developing industries.

David will guide the administration's policies on artificial intelligence and cryptocurrency, two areas that are critical to the future competitiveness of the United States. David will focus on making the U.S. a worthy global leader in both areas," Trump said in a post on his social networking site Truth Social on Thursday.

Trump said Sachs will also lead the Presidential Council of Advisors for Science and Technology.

Sachs is one of the most famous supporters and fundraisers for Trump in Silicon Valley, and he will hold an important position in the Trump administration. Sachs has played a key role in raising funds from the technology industry for Trump, including hosting an event at his home in San Francisco in June of this year. He also has a close relationship with Vice President-elect JD Vance.

The newly established 'Tsar' position is expected to help lead the way in fulfilling Trump's campaign promise to relax regulation on the Crypto Assets industry. This position is expected to provide a direct channel to the White House for Crypto Assets advocates, and serve as a liaison between Trump, Congress, and federal agencies related to digital asset (including Securities and Exchange Commission and Commodity Futures Trading Commission).

Trump strongly supports cryptocurrency in his campaign, while in his first term in the White House, he belittled digital assets, calling them 'extremely volatile and based on thin air'.

On Thursday, Trump said that Saxo will be committed to establishing a legal framework that will give the cryptocurrency industry the clarity it has always sought and enable it to thrive in the United States.

In terms of artificial intelligence, Sachs will help Trump leave his mark on an emerging technology that has seen explosive rise in recent years.

Saxophone will stand at the forefront of determining how the federal government adopts artificial intelligence and regulates its use, as the advancements in AI technology and consumer adoption bring both wide-ranging benefits and risks involving national security, privacy, employment, and other areas.

Saxophone is also expected to closely collaborate with billionaire Elon Musk, the richest person in the world and one of the most prominent supporters of the elected president.

Musk is also a member of the artificial intelligence field, and his company xAI and a chatbot named Grok have competed with Silicon Valley giants-he will have an important influence in the upcoming government.

This appointment will not require Sachs to divest or publicly disclose his assets. Like Musk, Sachs will be a special government employee. He can serve for up to 130 days per year without compensation.

However, the conflict of interest rules apply to special government employees, which means Sachs must avoid transactions that could affect its holdings.

Source: Sina

Author: Sina.com