United States President-elect Donald Trump has announced the appointment of former PayPal Chief Operating Officer David Sacks as his lead adviser on artificial intelligence (AI) and cryptocurrency. Trump shared the news on his social media platform, Truth Social, describing the move as a step toward modernizing U.S. policy in these critical areas.

“David O. Sacks will be the ‘White House A.I. & Crypto Czar,’” Trump said in his post, emphasizing the importance of these sectors for maintaining American competitiveness.

Sacks’ responsibilities will include developing a clear legal framework to enable the U.S. crypto industry to grow and thrive. He is also tasked with safeguarding online speech and addressing concerns over bias and censorship by Big Tech companies.

In addition to these roles, Sacks will lead the Presidential Council of Advisors for Science and Technology, providing guidance on emerging technologies and policies.

David Sacks has a notable history in business and technology. As an early executive at PayPal, he played a pivotal role in its success. He later co-founded Yammer, a business-focused social networking platform acquired by Microsoft for $1.2 billion in 2012. Currently, Sacks is recognized for co-hosting the popular All In podcast and co-founding the venture capital firm Craft Ventures.

This appointment aligns with Trump’s campaign promises to position the U.S. as a global leader in cryptocurrency. Trump’s pro-crypto stance attracted substantial support from industry leaders, including a $12 million fundraiser hosted by Sacks.

Other appointments reflecting this vision include Elon Musk in an advisory role and Paul Atkins as the chair of the Securities and Exchange Commission (SEC). Atkins’ leadership is expected to bring a more crypto-friendly approach to regulatory enforcement.

Interestingly, a memecoin associated with Sacks saw a staggering 16,000% surge in value following Trump’s announcement. The coin had been largely inactive since March but experienced a dramatic resurgence after the news broke.