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Trump Taps Davis Sacks For AI, Crypto Czar

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Bloomberg Dec 8 21:23 · 18.5k Views

Bloomberg's Hadriana Lowenkron discusses Donald Trump picking of David Sacks to serve as his artificial intelligence and crypto czar, a newly created position that underscores the president-elect’s intent to boost two rapidly developing industries.

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Transcript

  • 00:00 Who exactly is David Sacks, this new AI Cryptozar?
  • 00:03 I've heard that he's part of the PayPal mafia,
  • 00:05 and he does.
  • 00:07 He is venture capitalist.
  • 00:08 There's some software businesses there.
  • 00:10 Is he intimately tied to crypto?
  • 00:14 Yeah.
  • 00:14 The important thing to note here is that he has been supportive of crypto,
  • 00:19 you know,
  • 00:20 for a while now as well as
  • 00:22 in the AI space.
  • 00:23 This is we have reported previously that there would be this crypto czar.
  • 00:28 It was unclear at the time whether that would be combined with this AI
  • 00:33 czar role.
  • 00:33 We now know it is and and again, that points to
  • 00:38 how far,
  • 00:40 you know, these emerging technologies and how big of a role they'll play
  • 00:44 with with
  • 00:46 Trump's administration.
  • 00:47 And this is really capping what has been a turn around in terms of his relationship with crypto, right?
  • 00:54 Originally, he was skeptical of it
  • 00:56 on the campaign trail.
  • 00:57 He was,
  • 00:58 you know, saying that he would fire Gensler.
  • 01:01 And now we have Atkins who is supportive of it.
  • 01:03 So Sachs, just like him, a supporter
  • 01:06 financially of Trump, supporter of crypto and really helped bring in not just the crypto industry to to donate, but also younger men in general and brought in that graphic.
  • 01:19 No, absolutely.
  • 01:20 And that's what we saw kind of
  • 01:22 push him into
  • 01:23 electoral victory.
  • 01:25 So from what I understand, hey, Adriana, this is not a paid full time position AI slash crypto czar where he has to disclose publicly and possibly divest his holdings as well, but more of a special advisory role.
  • 01:36 How
  • 01:37 do they then prevent any potential conflicts of interest?
  • 01:41 Right.
  • 01:42 So as you had mentioned, what he has been appointed to this Presidential Council of Advisors for Science Technology, that is what's known as a federal advisory committee, which is essentially set up so that people with private sector expertise can advise the government without divesting their assets.
  • 02:00 And so this is something where, and we've reached out to Craft, he will not,
  • 02:05 you know, step down from Kraft.
  • 02:07 So there's definitely going to be some conversation in terms of how to maintain,
  • 02:12 sorry, how to maintain the,
  • 02:17 you know, separation and that
  • 02:19 there
  • 02:20 aren't any instances
  • 02:22 of him
  • 02:23 having those conflicts of interest.
  • 02:25 And so that's something that we're going to continue to report out.
  • 02:27 But of course, I
  • 02:28 mentioned he will not be leaving Kraft.
  • 02:30 It's similar to Musk who he will work alongside.
  • 02:34 And again, you know, it's someone close to Vance, someone that could speak to some of his influence
  • 02:40 in terms of
  • 02:42 all of these roll outs of the different
  • 02:44 appointees.