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December 8, 2024
US President-elect Donald Trump has nominated David Sacks as government representative for Artificial Intelligence (AI) and cryptocurrencies. This decision underscores the importance Trump places on these two technology sectors for the future competitiveness of the USA. Sacks, a confidant of tech billionaire Elon Musk and former executive at PayPal, is supposed to lead the USA to the forefront of the global AI and cryptocurrency landscape.
According to Trump's announcement on Truth Social, Sacks will be tasked with creating a regulatory framework for the crypto industry that enables clarity and growth in the US. In addition, he is to advocate for the protection of free speech on the internet and combat the alleged censorship by large technology companies. Sacks will also chair the President's Advisory Council on Science and Technology.
The Bitcoin price has risen significantly since Trump's election victory. Investors are hoping for crypto-friendly regulation from the new administration. Bitcoin, which was trading at around 70,000 US dollars before the election, surpassed the 100,000 US dollar mark for the first time after the election. This positive sentiment was further reinforced by Trump's intention to appoint cryptocurrency advocate Paul Atkins as head of the US Securities and Exchange Commission (SEC).
Trump described Sacks as a highly successful entrepreneur and investor with 25 years of experience in Silicon Valley. In addition to his work at PayPal, Sacks founded the software company Yammer, a kind of internal social network for companies, which he sold to Microsoft in 2012 for 1.2 billion US dollars. Most recently, he co-hosted a tech podcast.
In addition to the appointment of Sacks, Trump also announced further personnel decisions. David Perdue, former Senator from Georgia, is to be appointed the new US Ambassador to China. Perdue has many years of experience in business and was CEO of Dollar General and Reebok, among others. This appointment is particularly significant with regard to trade relations between the US and China.
The rapid developments in the field of Artificial Intelligence and cryptocurrencies underscore the need for companies to engage with these technologies. Mindverse, a German company, offers you comprehensive AI solutions, from text and image generation to customized chatbots, voicebots, AI search engines, and knowledge databases. We support you as your AI partner in making the most of the opportunities offered by these technologies.
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