David Sacks Clarifies Crypto Czar Role Amidst Forbes Rumors

• 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.

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.”

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.