'Crypto Czar' Announced: Donald Trump Appoints David Sacks

President-elect Donald Trump announced the news on December 6 via his own social media outlet, Truth Social. He explained that Sacks will work to protect free speech online, challenge Big Tech bias, and create clear rules to help crypto grow in the US.

Besides these responsibilities, Trump mentioned that Sacks will also lead the Presidential Council of Advisors for Science and Technology.

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Trump's decision appears to show a pattern of nominating influential industry figures who supported him—Sacks hosted a fundraising event that collected $12 million for the Trump campaign.

Sacks is a member of the "PayPal Mafia," a group of former PayPal executives and employees who have gone on to launch tech companies in Silicon Valley. Among his achievements, David founded Yammer, an enterprise software platform later bought by Microsoft for $1.2 billion.

Another member of this group—Elon Musk, a known crypto advocate—has been chosen to lead the newly formed Department of Government Efficiency (DOGE), focused on reducing federal spending and cutting red tape.

However, the crypto community had been awaiting one particular nomination: the appointment of the next Chair of the US Securities and Exchange Commission (SEC). Trump selected Paul Atkins, a former SEC commissioner who has outspokenly been pro-crypto.

These nominations demonstrate the growing impact and recognition of cryptocurrencies in politics. On December 5, the US Federal Reserve Chairman Jerome Powell spoke about crypto, too, which could have helped push Bitcoin BTC $95,770.68 past $100,000. What did Powell say? Read the full story.