As the founding COO of PayPal and an integral member of the “PayPal Mafia,” Sacks was crucial in helping to mold the world of fintech. Later, he co-founded Yammer, a workplace software platform sold to Microsoft for $1.2 billion. He is now set to bring his expertise to federal policy on emerging technologies.
The new role involves devising strategies for both cryptocurrency and AI. Although the specifics of his work remain undetermined, one thing is clear: The U.S. must lead the world in these life-changing areas.
Trump’s decision to appoint Sacks is in line with his pro-crypto stance. He recently selected Paul Atkins, another crypto supporter, to head the SEC starting January. Atkins will replace Gary Gensler, who resigned last month.
The timing couldn’t be more notable for the crypto industry. Since Trump’s re-election, the market has surged. Bitcoin hit an all-time high of $100,000 on Wednesday, one month after his victory. Trump even congratulated the crypto world, adding a cheeky “You’re Welcome.”
With Sacks in this pivotal role, the U.S. may see a new chapter in digital asset regulation and innovation.
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