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Incoming President Donald Trump has a new “czar” for cryptocurrencies and artificial intelligence: former PayPal COO David Sachs.
Trump Announce Sachs was named Thursday in a post on Truth Social, Trump’s social media platform. “Sachs will work on a legal framework so that the cryptocurrency industry (sic) has the clarity it has been asking for and can thrive in the United States,” he wrote.
Sachs, a member of the so-called “PayPal mafiais a co-founder of Yammer, the internal communications tool that Microsoft acquired for $1.2 billion in 2012. He is also behind Craft Ventures, a venture capital fund that backs startups including SpaceX, Reddit, and ClickUp.
In an interview with CNBC in 2017, Sachs said he believed cryptocurrencies like Bitcoin and Ethereum fulfill PayPal’s “original vision”: creating a “database of money” where payments never leave the system.
Sachs’s views on AI and AI policymaking are less clear, though his policies generally lean to the right and deregulatory, which could mean a lighter touch than the outgoing Biden administration preferred.
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