Trump’s New ‘Crypto Czar’ David Sacks is a Solana Bull - But Does it Matter?

U.S. President-elect Donald Trump continues making pro-crypto appointments.

Published: Dec 6, 2024 at 17:13

Making good on his promise of becoming the ‘Crypto President’, Donald Trump has made yet another pro-crypto appointment.

President-elect Donald Trump has named ‘All In’ podcast host and former PayPal exec David Sacks as the ‘White House A.I. & Crypto Czar.

Solana bulls have rejoiced at the announcement, hoping that Sacks’ investment history with Solana will propel the asset to greater highs and prominence in the United States.

Trump Appoints David Sacks as Crypto x AI Czar

On December 5, Donald Trump named David Sacks as his lead policy advisor on crypto and AI via a post on TruthSocial. According to the post, Sacks will be responsible for developing a clear and coherent legal framework for the crypto industry.

trump post

Sacks, a former PayPal executive, is best-known as the host of the ‘All In’ podcast, a popular talk show discussing business, investing, and emerging technology.

This is not the first pro-crypto appointment made by Donald Trump. The President-elect recently nominated Token Alliance co-chair Paul Atkins as Chairman of the SEC, who is now set to replace crypto villain Gary Gensler.

David Sacks and Solana

Sacks’ involvement with the blockchain world goes far deeper than simply being ‘pro-crypto’, fuelling excitement within the Solana community. Trump’s new ‘Crypto Czar’ is a public Solana bull and major backer of Mulitcoin Capital, one of Solana’s biggest early investors.

Speaking on the All In podcast in October 2021, Sacks claimed “smart money in Silicon Valley” believed in the oft-prophesized ‘Flippening’, wherein “Solana could ultimately overtake Ethereum as the preferred platform” for onchain smart contracts.

More recently, Solana memecoin traders have claimed David Sacks is actively trading and shilling in the trenches.

Sacks has since denied these claims, but remarked he was happy for traders who were succeeding in Solana’s meme economy.

What Could This Mean for $SOL?

Given Sack’s new role in Trump’s inner circle, Solana community members eagerly envision favorable treatment and renewed optimism surrounding the asset’s position in the regulatory landscape.

While having pro-crypto, and pro-Solana, figures advising policy in the White House is undoubtedly a positive for the industry, $SOL is unlikely to be singled out in any legal context. Social media commentators have expressed that people claiming $SOL will outperform rivals based solely on Sack’s appointment is ridiculous.

The appointment of professionals familiar with blockchain technology in positions within the White House is undeniably a boon for the industry. Regardless of their positions on individual coins, the crypto community widely believes that Trump’s nominations to date will lead to greater regulatory clarity for crypto businesses in the United States.