Industry leaders have reacted positively to Sacks' appointment, with Cross River CEO Gilles Gade and Anchorage Digital CEO Nathan McCauley praising his expertise in fintech, AI, and crypto. Todd Baker, a senior fellow at the Richman Center for Business, Law & Public Policy at Columbia University, noted Sacks' industry connections and personal financial interest in cryptocurrency and AI. Caitlin Long, founder and CEO of Custodia Bank, highlighted Sacks' belief in the potential of AI-driven payments through cryptocurrencies. The appointment could potentially end the "Chokepoint 2.0" situation, where banks have been hesitant to work with crypto companies.
Key takeaways:
- President-elect Donald Trump has appointed David Sacks, a venture capitalist and former PayPal COO, to the newly created position of 'AI and crypto czar.'
- Sacks will be responsible for making America a global leader in AI and crypto, safeguarding free speech online, and working on a legal framework for the crypto industry.
- Industry leaders have praised the appointment, noting Sacks' expertise in fintech, AI, and crypto, and expressing hope for lighter government restrictions on technology projects in the banking sector.
- The appointment could potentially end the 'Chokepoint 2.0' situation, where banks have been hesitant to work with crypto companies, but changes to rules for banks are likely to take time.