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President-elect Donald Trump has appointed venture capitalist David Sacks as the White House’s artificial intelligence and cryptocurrency czar, the latest Elon Musk confidant to be given a top job in the new administration.

Sacks, who was an early employee of Musk at PayPal, is co-host of the All in podcast and became one of Trump’s earliest and most vocal supporters in Silicon Valley, hosting a fundraiser for the candidate in San Francisco in June.

“David has the knowledge, business experience, intelligence and pragmatism to make AMERICA great in these two critical technologies,” Trump posted on his social media platform Truth Social.

“He will work on a legal framework so that the crypto industry gets the clarity it demands and can thrive in the US,” he added.

AI and crypto regulation are two of the new administration’s most pressing priorities.

Crypto investors and founders are hoping Trump will take a more positive approach to the sector than Joe Biden’s administration, after the president-elect loudly expressed his support for digital currencies during his campaign.

This week, Trump nominated Paul Atkins, who is sympathetic to the industry, to head the Securities and Exchange Commission. The price of Bitcoin, which has risen rapidly since the election, climbed above $100,000 for the first time on Thursday after Atkins’ election.

Trump’s position on AI is less clear, but in his first term he issued an executive order “committed to strengthening American leadership in AI” and many in the industry expect more lenient regulation.

Sacks supported the candidate on social media and through his podcast during the campaign. His support earned him a speaking slot at the Republican National Convention in July.

He has spoken out on both foreign policy issues and technical concerns, including repeatedly criticizing President Biden’s handling of Russia’s invasion of Ukraine. Sacks instead argued that Kiev should “make a deal” to ensure a quick ceasefire with Moscow.

His appointment creates another link between Trump’s Republican Party and Silicon Valley, which has historically been a Democratic stronghold.

Musk is the most prominent member of the tech elite to have a role in the new administration, but other high-profile figures such as venture capitalist Marc Andreessen have also played informal roles, such as finding candidates for the “Department of Government Efficiency.” .

Sacks is part of a so-called PayPal Mafia, a group of founders and early employees of the payments company that includes Musk, Palantir co-founder Peter Thiel, LinkedIn co-founder Reid Hoffman and Sequoia CEO Roelof Botha.

He has deepened his connection with Musk by backing a number of the entrepreneur’s companies, including xAI, X and SpaceX, through his venture capital firm Craft Ventures.

Sacks launched his own AI chat platform called Glue in May.

Sacks’ company said his new position would not conflict with his existing positions.

“The Tsar serves an advisory role and has the same government classification as a ‘Doge,’ which does not require David to leave Craft,” the firm said.