Sacks previously served as CEO of Yammer and COO of PayPal.
Venture capitalist David Sacks was congratulated by Ripple CEO Brad Garlinghouse on his appointment as the new White House AI and crypto czar, which was announced this week.
Ripple CEO Congratulates David Sacks On Role
According to a December 6 X post by Garlinghouse, the Ripple CEO praised Sacks and his new role under President-elect Donald Trump, referring to the duo as a “dream team.”
Huge congrats to @DavidSacks on this appointment – he understands tech inside and out, and importantly, will push forward President Trump’s crypto and AI pro-innovation plans.
— Brad Garlinghouse (@bgarlinghouse) December 6, 2024
Dream team! https://t.co/FFMSCIiscl
“Huge congrats to @DavidSacks on this appointment – he understands tech inside and out, and importantly, will push forward President Trump’s crypto and AI pro-innovation plan,” Garlinghouse stated.
Late Thursday, Trump announced the appointment of the South African-born businessman to the position, stating that Sacks will oversee cryptocurrency policy and artificial intelligence during the former reality TV star’s second term in the White House.
“He 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 said in a December 5 Truth Social post announcing the news.
Brad Garlinghouse’s Legal Fight Against The SEC
The United States Securities and Exchange Commission (SEC) and Garlinghouse’s Ripple Labs have been embroiled in a lengthy legal battle over alleged violations of the nation’s federal securities law.
The commission’s enforcement actions against Ripple are viewed as excessive by many in the cryptocurrency community. Additionally, the federal regulator is bringing legal action against Coinbase and Kraken, two major participants in the cryptocurrency market.
SEC chair Gary Gensler has been largely condemned for his regulation-by-enforcement approach to the blockchain sector as a whole. However, he has since announced his decision to depart the regulator ahead the former reality television star’s inauguration on January 20.
In his farewell statement, Gensler acknowledged that “the Securities and Exchange Commission is a remarkable agency. It has been an honor to serve with them on behalf of everyday Americans.”
Former SEC Commissioner Paul Atkins, who is pro-crypto, has been named as Gensler’s replacement by Trump, who had previously promised to fire the agency’s head.
Atkins is widely expected to take a softer, more balanced approach to digital assets.
Meanwhile, Sacks, a seasoned Silicon Valley veteran, is expected to implement a regulatory framework that is favorable to blockchain technology.
The appointment of a number of pro-crypto advocates will essentially guarantee that Trump keeps his pledge to enact laws that will help the industry.
However, it remains to be seen exactly what those guidelines will look like.