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DYdX Surges 30% as Trump Names David Sacks as 'AI and Crypto Czar'
The "PayPal Mafia" alum will work to ensure the crypto industry has the legal framework and clarity it has been asking for, Trump said in a TruthSocial post.
Updated Dec 6, 2024, 9:39 a.m. Published Dec 6, 2024, 1:49 a.m.
What to know:
- Donald Trump will appoint venture capitalist and former PayPal Chief Operating Officer David Sacks as White House AI and Crypto Czar.
- The dYdx token has since surged 30%. DYdX is one of Sacks' Craft Ventures portfolio companies.
- Sacks' responsibilities will include helping craft a legal framework for the crypto industry, Trump said.
President-elect Donald Trump has named David Sacks as the White House's AI and Crypto Czar, announcing the appointment in a TruthSocial post Thursday night.
"David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. David will focus on making America the clear global leader in both areas," Trump posted.
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Sacks is a limited partner in MultiCoin Capital, having come on board in March 2018, in addition to being a general partner and co-founder at Craft Ventures, which counts BitGo and Bitwise as portfolio companies.
In the hours after the news, dYdX, the native token of the decentralized crypto exchange by the same name, surged over 30%. Sacks' Craft Ventures was an early investor, participating in a Series A round that raised $10 million.
Trump said that one of Sacks' responsibilities will be to "safeguard Free Speech online, and steer us away from Big Tech bias and censorship."
"[Sacks] 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 is the former chief operating officer of PayPal, where he worked alongside Elon Musk. Sacks is part of the "PayPal Mafia," a group of former employees of the payment processor who went on to create or lead major technology companies like Tesla, LinkedIn, Palantir and YouTube.
The news comes a day after Trump named former SEC Commissioner Paul Atkins as his pick to head up the securities regulator when he takes office next month. Atkins works with The Digital Chamber, an industry lobbying group and is an adviser to Reserve and Securitize.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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CFTC Launches Digital Assets Pilot Allowing Bitcoin, Ether and USDC as Collateral
Acting Chair Caroline Pham has unveiled a first-of-its-kind U.S. program to permit tokenized collateral in derivatives markets, citing "clear guardrails" for firms.
Ano ang dapat malaman:
- The CFTC has launched a pilot program allowing BTC, ETH and USDC to be used as collateral in U.S. derivatives markets.
- The program is aimed at approved futures commission merchants and includes strict custody, reporting and oversight requirements.
- The agency also issued updated guidance for tokenized assets and withdrew outdated restrictions following the GENIUS Act.
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