Donald Trump appoints "crypto czar"

David Sachs is a successful entrepreneur with extensive experience. He was the Chief Operating Officer of PayPal, working with Peter Thiel and Elon Musk. Sachs is one of the members of the famous "PayPal Mafia," the group that created companies that changed the world, such as Tesla, SpaceX, and LinkedIn.

Today, he is the co-founder and general partner of the venture firm Craft Ventures, whose portfolio includes leaders in the crypto industry (BitGo, Bitwise, and Lightning Labs). He is also a board member of MultiCoin Capital, a major investor in the crypto space.

The new crypto czar's tasks

Sachs' appointment coincides with an active discussion about the regulation of digital assets in the U.S. In his new role, he will develop a regulatory framework for cryptocurrencies, head the advisory council on science and technology to the president, and coordinate the development of artificial intelligence and blockchain — key areas for Trump's administration in the context of the rise of cryptocurrencies.

Why is this important for the U.S.?

The creation of a new position focused on cryptocurrencies underscores the U.S.'s desire to strengthen its position in the technological race. Donald Trump is betting on digital assets, and David Sachs' experience at PayPal and deep knowledge of the crypto industry make him a key figure for this role.

What does this mean?

In the U.S., "czars" are positions appointed by the president to coordinate priority national issues. Sachs' appointment could accelerate the regulation of the crypto industry and emphasize the potential of blockchain technologies.