President-elect Donald Trump has chosen David Sachs, a representative of the so-called 'PayPal Mafia (NASDAQ:PYPL)', as the 'crypto czar'. David Sachs will work on the regulatory framework for digital currencies.
In addition, he will chair the council on science and new technologies under the president to ensure the protection of free speech online and to counteract the censorship of large tech companies.
According to Donald Trump, David will lead the administration's policy on artificial intelligence and cryptocurrency, two areas crucial for America's future competitiveness.
It is worth noting that David Sachs is one of the co-founders and general partners of the venture capital fund Craft Ventures. His portfolio includes companies such as BitGo, Bitwise, and Lightning Labs. In March 2018, Sachs also joined the board of directors of the MultiCoin Capital fund, a major investor in the cryptocurrency market.
David Sachs is also part of the 'PayPal Mafia' — an unofficial group of former founders of the payment company who later became founders and owners of several large funds and companies. These include: Tesla Motors (NASDAQ:TSLA), LinkedIn, Palantir, SpaceX, YouTube, and Yelp.
