David Sacks was Donald Trump's surprise choice to lead US policy on artificial intelligence (AI) and cryptocurrencies despite his lack of industry experience or extensive track record.
The news is important for investors to assess how the Donald Trump administration will handle technology, especially given the long process of setting regulations for the digital currency.
PayPal founder Keith Rabois believes that David Sacks can keep the United States at the cutting edge of innovation. He has a vision of preventing the country from falling behind China and protecting new technologies from excessive censorship.
However, the appointment by Donald Trump was not widely expected in Silicon Valley.
Previously, Sacks has long criticized too much government involvement in the affairs of private companies, especially in the technology industry. He and Keith Rabois have been vocal in the industry for years.
Meanwhile, Donald Trump has signaled that he will take a friendly approach to the development of AI and crypto.
Some analysts would prefer to see the crypto and AI industries separated so that the interests of each can be focused on as both have their own risks and benefits in the world of technology.
