President-elect Donald Trump named Stanford alumnus and venture capitalist David Sacks ’94 his “White House A.I. & Crypto Czar” in a series of Thursday morning posts on his Truth Social platform.
“David will guide policy in the Administration in Artificial Intelligence and Cryptocurrency, two areas critical for the future of American competitiveness,” Trump wrote.
Sacks, who was born in South Africa, received his B.A. in economics from Stanford before becoming involved in the tech industry in 1999 with PayPal, where he rose to chief operating officer. He is a member of the so-called “PayPal mafia,” a group of the company’s early founders, including figures like Elon Musk and Peter Thiel, who went on to create other successful technology ventures.
Sacks was the founder and CEO of Yammer, an enterprise social networking service, and co-founded Craft Ventures, an early-stage venture fund, in 2017. Sacks also hosts a podcast, “All In,” where he has advocated against government tech regulation and supported Trump.
Earlier this year, Sacks hosted a sold-out fundraiser for Trump, as the then-Republican nominee, at his San Francisco residence on “Billionaires’ Row.” The event raised around $12 million, with tickets selling for $300,000 per person, including perks such as photos with Trump. Sacks was also a speaker at the 2024 Republican National Convention.
Vice president-elect J.D. Vance has also heaped heavy praise on Sacks, even naming him one of his “closest friends in the tech world.”
The Daily has reached out to Sacks for comment.
Sacks’ new role in the Trump administration indicates Trump’s commitment to his campaign pledge to be a “crypto president.” It also follows a surge in the price of Bitcoin this week, after the president-elect nominated crypto enthusiast Paul Atkins to chair the Securities and Exchange Commission — the cryptocurrency surpassed the $100,000 mark for the first time on Thursday.
Trump claimed credit for this landmark Bitcoin price, writing in a Thursday morning Truth Social post, “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!! Together, we will Make America Great Again!”
On Truth Social, Trump also elaborated on the job description for the inaugural “Crypto Czar” position. “[Sacks] will work on a legal framework so the Crypto industry has the clarity it has been asking for and can thrive in the U.S.,” Trump wrote.
In addition to the heavy focus on crypto, Trump noted that Sacks will lead the Presidential Council of Advisors for Science and Technology. However, the role appears primarily advisory, with Craft Ventures telling Bloomberg that Sacks would stay at the venture capital firm.
Sacks’ selection continues the trend of notable Silicon Valley individuals being chosen for high-ranking positions in the second Trump administration, including Musk and founder and CEO of Roivant Sciences Vivek Ramaswamy as co-leads for the “Department of Government Efficiency” (DOGE). Stanford professor Jay Bhattacharya, a prominent critic of lockdown measures during COVID-19, was selected to lead the National Institute of Health (NIH).
Fellow Silicon Valley figures celebrated Sacks’ appointment on Thursday. OpenAI CEO Sam Altman, who dropped out of Stanford in 2005, posted on X on Thursday evening, “congrats to czar @DavidSacks!” to which Musk replied with a laughing emoji.
Sacks also received widespread support from the crypto industry, with Blockchain Association CEO Kristin Smith saying in a statement, “David Sacks’ unparalleled track record as an entrepreneur, investor, and innovator makes him uniquely suited to lead U.S. crypto policy at a pivotal moment in the industry’s evolution.”
Gemini chief legal officer Tyler Meade wrote on X, “At long last, a rational conversation about crypto can be had.”
The Daily has reached out to the University for comment.
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