In a surprising announcement, President-elect Donald Trump has named David Sacks, ex-COO of PayPal and a prominent venture capitalist, as his chief adviser on artificial intelligence and cryptocurrency. Trump revealed the appointment via his social media platform, Truth Social, calling AI and crypto “critical to the future of American competitiveness.”

Sacks will spearhead efforts to craft a legal framework for the crypto industry, providing much-needed regulatory clarity to foster innovation and growth in the United States. Trump emphasized that Sacks’ role will also focus on safeguarding free speech and curbing perceived Big Tech censorship. Additionally, Sacks will chair the Presidential Council of Advisors for Science and Technology.

David Sacks is a notable Silicon Valley figure, having co-founded the social network Yammer, which was acquired by Microsoft for $1.2 billion in 2012. More recently, he has gained attention as a co-host of the popular All In podcast and a founding partner of Craft Ventures.

This appointment highlights Trump’s strategy of rewarding influential business leaders who supported his campaign. Sacks hosted a fundraiser earlier this year that raised $12 million for Trump’s campaign, underscoring his alignment with pro-business and pro-crypto policies.

Trump has positioned himself as a champion of the crypto industry, vowing to make the U.S. the “world capital of crypto.” This commitment has attracted significant backing from industry leaders. Alongside Sacks, Trump recently selected Elon Musk and Paul Atkins—both vocal crypto advocates—for key advisory roles.

Following the announcement, a memecoin associated with Sacks surged 16,000%, reflecting the market’s excitement over his appointment and Trump’s crypto-friendly agenda.