Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
David Sacks Clarifies Crypto Czar Role Amidst Forbes Rumors

David Sacks Clarifies Crypto Czar Role Amidst Forbes Rumors

CryptotaleCryptotale2024/12/21 04:54
By:Nynu V Jamal
  • Forbes reports that the crypto czar’s leadership position is scaled back to a mere advisory role.
  • David Sacks slams Forbes, clarifying his focus on innovative technologies like AI and crypto.
  • The industry remains optimistic about Sacks’ potential role in reforming the crypto space.

David Sacks, the crypto czar appointed by US President-elect Donald Trump, has criticized a “legacy media” for reporting that his role has changed. In an X post on December 21, Sacks clarified that he would split his time equally between Washington D.C. and Silicon Valley, concentrating on artificial intelligence and cryptocurrencies. Notably, Sacks’ post came in response to a Forbes report that claimed that the AI and crypto czar role has been scaled back from a leadership position to a mere advisory role.

Some Legacy Media is reporting tonight that my role has changed. This is total nonsense. I expect to spend 50% of my time in D.C. guiding policy and 50% in Silicon Valley staying on the cutting edge. This seems ideal for a tech policy role — and it’s exactly what I requested.

— David Sacks (@DavidSacks) December 21, 2024

Earlier today, the media published a report titled, “Trump AI and crypto ‘czar’ role is being scaled back as David Sacks clings to Silicon Valley commitments.” The report highlighted the new role of Sacks, who formerly served as the executive of PayPal. According to Forbes, Sacks’ crypto czar role, initially expected to be a top administrative post, has been redefined to an advisory role due to his ties to Craft Ventures. The media cited,

Not divesting, not taking a more formal government role, that makes it very complicated. Even if Trump and people in his administration usually see conflicts of interest as an afterthought, the situation with Sacks became an issue, even from a practical perspective.

However, Sacks shot down the rumours, addressing the media’s report as “total nonsense.” Arguing that he would be completely dedicated to innovative technologies, he stated, “This seems ideal for a tech policy role — and it’s exactly what I requested.”

What is Crypto Czar and Why did Trump Pick David Sacks?

Since the US election and Donald Trump’s victory, the crypto community has been optimistic about the future of the crypto industry. MicroStrategy’s Michael Saylor and US Senator Cynthia Lummis expressed confidence in Sacks’ role, positing that the US would lead the global financial innovation. Boosting the sentiment, the appointment of the first-ever crypto czar has sparked speculations of a complete overhaul of the US crypto space. 

The post David Sacks Clarifies Crypto Czar Role Amidst Forbes Rumors appeared first on CryptoTale.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Announcement of Bitget spot bot on adding 2 new trading pairs

We are pleased to announce that Bitget spot bot has now added: KOMA/USDT, AIXBT/USDT. Reference 1. Spot grid 2. Crash course on Spot Grid Disclaimer Despite high growth potential, cryptocurrencies still face high risks and volatility. You are strongly advised to do your own research as you invest a

Bitget Announcement2024/12/23 08:19