In a recent announcement, U.S. President-elect Donald Trump revealed that David O. Sacks, the founder of Yammer and former COO of PayPal, will take on the pivotal role of “White House A.I. and Crypto Czar.”
This new position will have Sacks overseeing policy development in two critical sectors: Artificial Intelligence and Cryptocurrency, both of which are seen as vital to the nation’s future global competitiveness.
Trump emphasized that Sacks will play a key role in shaping the legal framework for the cryptocurrency industry, aiming to provide much-needed regulatory clarity.
Additionally, Sacks will head the Presidential Council of Advisors for Science and Technology, further solidifying his role in guiding technological advancements.
This move aligns with Trump’s ongoing support for the cryptocurrency space, as he continues to appoint figures with pro-crypto stances in his administration.
Earlier this week, he also named former SEC Commissioner Paul Atkins to lead the agency following Gary Gensler’s planned departure.
Bitcoin-focused investment firm Strategy Inc. (formerly MicroStrategy) is facing mounting legal pressure as at least five law firms have filed class-action lawsuits over the company’s $6 billion in unrealized Bitcoin losses.
Digital banking platform SoFi Technologies is making a strong return to the cryptocurrency space, relaunching its crypto trading and blockchain services after stepping away from the sector in late 2023.
Digital assets are gaining ground in corporate finance strategies, as more publicly traded companies embrace cryptocurrencies for treasury diversification.
Ripple has been dealt another legal blow after a federal judge rejected its attempt to ease court-imposed restrictions and penalties stemming from its long-standing battle with the U.S. Securities and Exchange Commission (SEC).