President-elect Donald Trump has announced his nominee for AI and Crypto Czar, tapping David Sacks, the former of PayPal, as well as founder and CEO of Yammer.

Sacks has a long and storied history in the tech industry, being counted as one of the “PayPal Mafia.” The group includes a number of prominent executives who worked at PayPal during its early days, and later went on to found companies of their own in the tech industry. Elon Musk, Peter Thiel, Reid Hoffman, and Steve Chen are just a few members of the group.

In a post on his Truth Social, Trump said Sacks will help the US take the lead in both AI and crypto, while providing some much-needed legal clarity for the crypto industry, something that has been sorely lacking over the past couple of years.

I am pleased to announce that David O. Sacks will be the “White House A.I. & Crypto Czar.” In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas. He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship. He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S. David will also lead the Presidential Council of Advisors for Science and Technology…

Donald J. Trump (@realDonaldTrump) | December 5, 2024

Crypto companies have complained repeatedly about the lack of clear guidelines for the industry, something that has allowed current SEC chairman Gary Gensler wage a crusade against companies and platforms alike. If Sacks delivers on Trump’s promise, it could usher in a whole new era for the crypto industry, and provide some stability.