On December 6, U.S. President-elect Donald Trump announced the appointment of David Sacks, co-founder of PayPal, as the “crypto czar” and overseer of artificial intelligence initiatives in the White House. Sacks will be developing legal regulations for the cryptocurrency industry and will also head the Presidential Council on Science and Technology. Born in South Africa, David Sacks received an economics education at Stanford and a law degree from the University of Chicago. He began his career at PayPal, where he served as COO and was a member of the so-called “PayPal Mafia.” Later, he founded companies Yammer and venture firm Craft Ventures.