Crypto’s winning week capped by David Sacks’s ascension to Trump White House

The appointment of David Sacks as Donald Trump’s new “AI and crypto czar” capped a week of wins for the crypto world, putting an advocate for looser regulation of digital assets inside the White House.

Trump made the announcement late Thursday, saying in a social media post that Sacks would “work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.”

Sacks, a longtime Silicon Valley investor who is close to billionaire Trump supporter Elon Musk, has made it clear what the cryptocurrency industry stands to receive with Trump in the White House.

“What the crypto industry has been asking for more than anything else is a clear legal framework to operate under,” Sacks posted on X in July. “If Trump wins, the industry will get this, and more innovation will happen in the U.S.”

Crypto enthusiasts cheered the news. “It is a full vote of confidence from the administration,” Metafide CEO Frank Speiser told Yahoo Finance, noting that “everybody I’ve talked to is super bullish” about the pick.

“Great pick,” added Coinbase COO Emilie Choi on X. “David Sacks was in crypto early and has a nuanced understanding of the space. Time to build in the US!”

Sacks was the second Trump pick of the week that brought loud cheers from the industry.

The other was Paul Atkins, the nominee to run the Securities and Exchange Commission. For years, Atkins has made it clear he favors clearer regulations of cryptocurrencies that don’t stifle innovation or impose unnecessary oversight

David Sacks speaking at the Republican National Convention this past summer. Photo: REUTERS/Mike Segar/Archivo · Reuters / Reuters

He would, if confirmed, replace the outgoing Securities and Exchange Commission Chair Gary Gensler, who emerged as a major foe of the crypto world due to his crackdown on many of the industry’s largest players.

“With folks like David Sacks and Paul Atkins, the future of the digital asset ecosystem in the U.S. is brighter than ever,” House Financial Services Committee Chair Patrick McHenry (R-N.C.) wrote on X Friday.

Following Atkins’s nomination, the price of bitcoin surged above $100,000 per coin. At the beginning of the year, the world’s largest cryptocurrency traded at $42,265.

U.S. Securities and Exchange Commissioner Paul Atkins speaks during an interview with Reuters at the U.S. Embassy in central London March 10, 2008. The U.S. Securities and Exchange Commission is unlikely to bring in new rules prompted by the subprime crisis until next year, Atkin said, warning regulators should be wary of moving too far, too fast.     REUTERS/Alessia Pierdomenico    (BRITAIN)
U.S. Securities and Exchange Commissioner Paul Atkins speaks during an interview with Reuters at the U.S. Embassy in central London March 10, 2008. REUTERS/Alessia Pierdomenico (BRITAIN) · REUTERS / Reuters

It is now up over 40% since the hours following Trump’s presidential election victory and has surged 140% so far this year.

“CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!” Trump wrote on Truth Social Thursday morning. “Together, we will Make America Great Again!”

The appointment of Sacks brings another ally of Musk close to Trump’s inner circle, showing the influence of the billionaire who runs Tesla (TSLA), contributed huge amounts of money to Trump’s campaign, and has been appointed to co-lead the Department of Government Efficiency, or DOGE.