America’s new cryptocurrency and AI czar has a resume long on regulatory skepticism, but poor on industry expertise.
It is according to a report Friday, December 6 by Bloomberg News, examining President-elect Donald Trump’s nomination of David Sacks to help shape the administration’s policies on artificial intelligence (AI) and cryptography.
Sacks, according to the report, does not have deep ties to the industry or a long history of investing in it.
But for tech investors, Sacks brings something more important: a pro-tech attitude and a long history of doubts about government regulation, the report said.
“He will ensure that the United States is at the forefront of innovation,” said Keith Rabois of Khosla Ventureswho claimed Sacks would prevent the United States from falling behind China and protect “new and emerging technologies from censorship and left-wing bias.”
Sacks, according to the report, made only a handful of bets on crypto and AI, although he did invest in Elon Musk’s xAI. As the founder of venture capital firm Craft Ventures – and like Musk and Rabois, a member of the the so-called “PayPal mafia” — he has become one of the “loudest right-wing voices in the venture capital industry,” Bloomberg wrote.
AI and crypto executives, the report adds, view government intervention as a threat, with several crypto companies doing so. move abroad to avoid regulatory oversight.
“Crypto and AI are two of America’s most pressing strategic priorities right now, and David Sacks is one of the only people in the world to It is uniquely qualified to lead this crucial role,” said Kyle Samani, managing partner at Multicoin Capital, where Sacks is an investor. The layoffs will be an “invaluable asset in shaping the future of the nation,” Samani added.
As reported here last month, Trump said he would cancel President Joe Biden’s bill. comprehensive decree on AI published last year, arguing that the rule hinders innovation.
Trump’s first term as president was limited to AI, although he issued the first executive order addressing the technology in 2019, requiring federal agencies to make AI research and development a priority.
While the new administration’s AI czar, Sacks, may have to address the need for infrastructure to support technology.
“As foreign markets quickly scramble to build power systems for next-generation computing facilities, U.S. utilities’ long deployment timelines for new power capacity could redirect billions in technology investments overseas and reshape the global AI landscape,” PYMNTS wrote in November.
