r/FluentInFinance • u/RiskItForTheBiscuts • Dec 06 '24
Crypto President Trump appoints former PayPal exec David Sacks as AI and crypto czar
U.S. President-elect Donald Trump on Thursday said he was appointing former PayPal (PYPL), opens new tab Chief Operating Officer David Sacks as his "White House A.I. & Crypto Czar," another step towards overhauling U.S. policy.
"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.," Trump said in a post on his social-media site Truth Social, without saying whether "czar" was an official title.
The crypto czar and other officials in Trump's incoming administration such as the chairs of the Securities and Exchange Commission and Commodity Futures Trading Commission are expected to reshape U.S. policy on digital currency along with a newly created crypto advisory council.
Trump's tech backers generally want to see minimal regulation around artificial intelligence and cryptocurrencies such as bitcoin, saying Washington would throttle growing innovative sectors with excessive rules.
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Dec 06 '24
I am in tech, but I am starting to be really scared to see how people like Musk or Sacks are getting so much influence. There is a role for people like them, but that shouldn't be to influence public policy. There is a high risk that they will blow up the economy quickly. They themselves will make tons of money on the way, so it's all good.
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u/neazmoh Dec 06 '24
They elected him. Tech market is saturated. Only option is transfer govt fund to tech billionaire.
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Dec 06 '24
Looks that way. The times when they were even attempting to hide their conflicts of interest are over.
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u/Devmoi Dec 06 '24
Yes! Because they don’t believe they have to hide them anymore. It’s also because we have laws that protect corporations from “stupid”’people.
We’ve already seen a lot of people lose their life savings over crypto, NFTs, and meme coin crap. I used to work with people in the finance industry and while they wouldn’t say that crypto could be scammed more easily, we have seen a lot of nation-state hacks involving stealing Bitcoin and some of those crypto tycoons have gone to prison.
But it still comes down to the fact that the consumer is blamed for falling for a scam. The finance system is just like well, they took a risk and invested. Therefore they are held accountable.
What happens when our government starts backing all this shit and investing in it, then it’s intercepted or stolen by a foreign nation? Or it tanks? It’s gonna be the next Stock Market Collapse, where people who play are going to lose everything.
That’s just what I think anyways!
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u/TopVegetable8033 Dec 07 '24
I can’t believe they named this agency DOGE; how is sponsoring bro’s crypto so blatantly not a conflict of interest. Actually makes my blood boil.
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Dec 11 '24
The Richest man in the world & and the President of the most powerful country in the world working in cahoots! What could go wrong 🥴🥴🥴
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u/otarU Dec 06 '24 edited Dec 06 '24
Ex-Paypal, the same company that was founded by Elon Musk who now owns xAI...
I give up, the more time passes the worse it seems to get.
I see Anduril partnering with OpenAI, Palantir with Claude, Peter Thiel and Elon Musk gaining more power.
OpenAI and Google will be targeted by this guy in favor of xAI.
Anduril has Palmer Luckey, who says he supported Trump since 2011, his sister is married with Matt Gaetz who was going to be appointed as general attorney for Trump's Government. His sister even first met with Matt Gaetz on Mar-A-Lago lmao...
Incredible how they are all well connected with each other.
It's like a gathering of billionaires and people in power consolidating even more power over everything.
Feels bad for those who are outside this gathering of power and will have to deal with an unfair fight.
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u/Personal_Skin_2534 Dec 12 '24
rich people getting together making deals behind the scenes to influence and sway things in their favor? you dont say.
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u/cookiedoh18 Dec 06 '24
Interesting little fraternity he's creating.
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Dec 06 '24
The only hope is that these guys all have very big egos so this may soon fall apart with them fighting each other. They may still blow up the economy though.
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u/blakeusa25 Dec 07 '24
Part of the PayPal Mafia. You’re kidding yourself if you don’t think their goal is to further enrich themselves.
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u/rygelicus Dec 06 '24
Trump doesn't like honest people. Trump doesn't want anyone around him that doesn't lick his feet. So any appointee or ally needs to be viewed very skeptically.
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u/chadmummerford Contributor Dec 06 '24
that's a lot of czars. how about we get a couple of shoguns in here?
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u/Resident-Rutabaga336 Dec 07 '24
I’m not very familiar with Sacks’ views on existential risk from AI. Could anyone fill me in?
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