Trump Appoints Another Key Figure for the Crypto Sector

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Trump Appoints Another Key Figure for the Crypto Sector

The newly elected president of the United States, Donald Trump, will appoint former PayPal (PYPL) COO David Sacks as the White House Artificial Intelligence and Crypto Advisor. Sacks will manage artificial intelligence and cryptocurrency policies and oversee efforts to establish clear regulations for crypto assets in the U.S.

In a post on Truth Social, Trump stated that artificial intelligence and cryptocurrencies are "critical for America's competitive future" and highlighted Sacks's experience in both sectors. The president expressed his confidence that Sacks would position the U.S. as a global leader in artificial intelligence and cryptocurrency.

Sacks, the new AI and crypto advisor, will also be tasked with "preserving online free speech" and combating alleged bias and censorship from large tech companies. Trump noted that Sacks would also lead the President’s Council of Advisors on Science and Technology, emphasizing Sacks's importance in shaping the future of cryptocurrency in the U.S.

There have been fluctuations in the Bitcoin market Trump had announced the previous day that he appointed Paul Atkins as the new chairman of the U.S. Securities and Exchange Commission (SEC). A former SEC member, Atkins will work alongside commission members Hester Peirce and Mark Uyeda, described by Ripple CEO Brad Garlinghouse as a team that will bring a "sensible approach."

Following the announcements of these appointments, Bitcoin’s price surpassed the $100,000 record. However, shortly after reaching this level, Bitcoin lost more than 13% of its value from the peak. On the last business day of the week, Bitcoin, moving more calmly, found a balance around the $98,000 mark.

President Trump’s campaign promises to make the U.S. a cryptocurrency hub and establish a Bitcoin reserve have led to significant gains in the cryptocurrency market. Sacks’s appointment is seen as part of Trump’s efforts to advance cryptocurrency and artificial intelligence policy.

DYDX token surged with Sacks connection Following news that Trump’s new crypto advisor supports the DYDX token, DYDX recorded a 35% increase. The native asset of the dYdX platform, DYDX, is believed to have risen due to a significant investment made by Craft Ventures in DYDX.

This connection generated strong positive sentiment among investors and contributed to DYDX’s recent gains. The market capitalization of the DYDX token reached $1.67 billion, and with the latest increase, DYDX achieved a 150% value increase over the past month.