In brief: President-elect Donald Trump has announced a new position – “White House AI and crypto czar” – and tapped longtime ally David Sacks to fill the role. Sacks will guide policy for the administration on artificial intelligence and cryptocurrency, which Trump described as “two areas critical to the future of American competitiveness.”

The primary mandate of the new position will be to help craft policies and regulations for AI and crypto. Trump noted that part of the new position’s responsibilities will be protecting free online speech and preventing Big Tech bias and censorship.

One of President Trump’s campaign promises was to reduce red tape for the crypto industry. Sacks will play a key role in developing the legal framework to provide the clarity the crypto industry has been asking for, allowing it to thrive in the US.

Additionally, Sacks will help steer federal priorities and regulations in AI. Having a plan on how the government handles AI policy concerning national security, privacy, and workforce implications is critical.

The announcement came via the Truth Social platform on Thursday. The plan is for Sacks to help make the US a worldwide leader in these rapidly evolving tech domains. Bloomberg reports that he’ll serve as a conduit between the White House, Congress, and federal agencies overseeing digital assets, like the SEC and CFTC.

Sacks is a Silicon Valley figure and venture capitalist who was part of the original “PayPal Mafia” crew in the 1990s, working as the payments pioneer’s COO under founders like Elon Musk. He later started his own VC firm, Craft Ventures, in 2017.

Sacks was one of the Trump campaign’s most prominent supporters. He held fundraisers and hosted a pricey event at his San Francisco home in June, with an admission price of $300k a head to raise money for the Trump camp.

Trump was also quite bullish on crypto during his campaign, speaking at Bitcoin conferences, taking crypto donations, and meeting with leaders of mining firms and exchanges. Putting a vocal proponent like Sacks in charge of his crypto agenda is an unmistakable signal of how serious he is about the space.

The newfound obsession comes as a change of heart for Trump from his previous term when he clarified that he was “not a fan” of crypto. In 2019, he posted a series of tweets criticizing Bitcoin and other cryptocurrencies.

President Trump expects Sacks to work closely with Musk, one of Trump’s highest-profile supporters. His connections to the billionaire run deep as he has invested heavily in SpaceX.