"He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.," Trump said.
"Sacks will likely have a light touch on regulation, but not without some guardrails," Steve Jang, founder of Kindred Ventures, told Reuters.
Elad Gil, an entrepreneur who has invested in companies such as Airbnb and the cryptocurrency platform Coinbase, called the choice of Sacks a 'strong move' in a post on X.
Trump's tech backers generally want to see minimal regulation around artificial intelligence and cryptocurrencies such as bitcoin, saying Washington would throttle growing innovative sectors with excessive rules.
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