David Sacks Appointed as White House 'Crypto Czar' to Revolutionize Digital Currency Policy

Donald Trump has appointed David Sacks, former PayPal COO, as his 'White House A.I. & Crypto Czar'. Sacks will spearhead a legal framework for the crypto industry in the U.S., aiming for minimal regulation with necessary guardrails, reflecting on Trump's campaign promise of making the U.S. a crypto capital.

U.S. President-elect Donald Trump announced Thursday he is appointing former PayPal COO David Sacks as his 'White House A.I. & Crypto Czar,' signaling a significant shift in U.S. digital currency policy.

Sacks is tasked with formulating a legal framework to provide clarity for the burgeoning cryptocurrency industry, enabling it to thrive within the United States. Trump's move aims to mollify tech backers seeking minimal regulation on AI and cryptocurrencies.

With the nomination of crypto advocate Paul Atkins to lead the SEC, the industry's outlook is promising. Bitcoin's historic break past $100,000 underscores this positive momentum, as investors anticipate a favorable environment under the new administration.

(With inputs from agencies.)