US President-elect Donald Trump this week announced important appointments to shape his administration’s cryptocurrency policy.
Former PayPal CEO David Sachs has been named the White House’s “AI and cryptocurrency czar,” and Washington lawyer Paul Atkins has been nominated to head the Securities and Exchange Commission (SEC).
Sachs, an early Bitcoin investor and co-founder of Craft Ventures, has been tasked with steering cryptocurrency policy and working on a legal framework to provide clarity for the industry. Atkins, a former SEC official, has experience helping cryptocurrency companies address regulatory challenges and has been an advocate for innovation in financial services.
Tesla CEO Elon Musk, a staunch supporter of cryptocurrencies, was also appointed by Trump to co-lead the newly formed government Department of Efficiency, referred to as “DOGE” after the popular cryptocurrency. Musk has often endorsed digital assets and is known for his involvement in projects like xAI, aligning him with Trump’s pro-crypto stance.
The cryptocurrency industry has welcomed these appointments, anticipating a shift away from the Biden administration’s tougher policies. Bitcoin crossed the $100,000 mark this week, reflecting investor optimism about regulatory changes under Trump.
Sachs will also chair a White House Advisory Council on Science and Technology, and will coordinate efforts with agencies such as the Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC). The administration aims to clarify how digital tokens can be classified as securities, commodities or utilities.
While industry leaders view these steps as an opportunity for growth, some consumer advocates have raised concerns about gaps in investor protection. The appointments signal a major change in the US approach to cryptocurrency regulation as the new administration prepares to take office.
Trump’s Crypto Team Formed With Key Appointments appeared first on Profit by Pakistan Today.