Latest news with #Sacks
Yahoo
5 hours ago
- Business
- Yahoo
Trump advisor slams Elizabeth Warren for 'pathological hatred'
Trump advisor slams Elizabeth Warren for 'pathological hatred' originally appeared on TheStreet. David Sacks, a venture capitalist and White House crypto czar, criticized Senator Elizabeth Warren, saying that she has a "pathological hatred" for the cryptocurrency business. While commenting on Fox News with Jesse Watters, Sacks insisted Warren was the driving force behind the Biden administration's anti-crypto regulatory policies. According to Sacks, it was Warren who drove the policy direction of pushing blockchain innovation offshore. "What the Biden administration was doing, and let's face it, wasn't Biden Elizabeth Warren controlled the auto pen during that administration. She, for some reason, has this pathological hatred of the crypto community. She wants to drive this community offshore. She doesn't want it happening in United States. That's the wrong policy for the United States. We want all the innovation happening here." Sacks praised President Donald Trump for changing course and turning America into the "crypto capital of the planet," a goal the President had stated in his 2024 election campaign. He argued that Trump cut red tape and gave the industry clarity. 'Today, President Trump has come in. He promised to make the United States the crypto capital the planet. He's done that. He's gotten rid of the red tape, the bureaucracy, he's provided clear rules, and you can see that this community is thriving. They're grateful, and the innovation is happening here in the United States. Again, that's what's necessary for high tech.' He alluded to a striking reversal in sentiment and reflected that the crypto community, under "siege" only a year ago, now feels empowered. "People are grateful for it. Innovation is back on U.S. soil,' he said. Sacks believes that consumer confidence is "thriving", not despite Trump's tariffs, but because of them. He thinks the firm stance on trade, coupled with regulatory relief for crypto, has been beneficial for traditional and digital markets. "Bitcoin confidence is hitting new highs," he noted, speaking live from the Bitcoin Conference. Sacks also highlighted the increasing momentum behind stablecoins. A bipartisan bill in the Senate could allow for the coming of 'digital dollars,' leveraged by U.S. treasuries. "This will extend the dominance of the dollar online," he predicted, anticipating trillions in need for U.S. debt. With both Bitcoin and stablecoins gaining momentum, Sacks asserted that crypto is not just a technology revolution, but rather a national strategy. "We want it happening here," he said. "And under Trump, it finally is." Trump advisor slams Elizabeth Warren for 'pathological hatred' first appeared on TheStreet on May 29, 2025 This story was originally reported by TheStreet on May 29, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Obama's AI Job Loss Warnings Aren't Accidental, Says David Sacks: They're Fueling A Global Power Grab And 'The Most Orwellian Future Imaginable'
President Donald Trump's artificial intelligence advisor, David Sacks, criticized former President Barack Obama's recent warnings about AI-driven job displacement, characterizing them as part of a coordinated 'influence operation' designed to advance 'Global AI Governance' initiatives. What Happened: In a series of posts on X, Sacks warned Republicans against accepting Obama's 'hyperbolic and unproven claims about AI job loss,' describing them as ammunition for what he termed a 'massive power grab by the bureaucratic state and globalist institutions.' Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — The crypto czar specifically targeted 'Effective Altruist' billionaires with histories of funding left-wing causes and opposing Trump. Sacks responded to Andreessen Horowitz general partner Martin Casado, who praised coverage of Open Philanthropy's alleged astroturfing campaign to regulate AI compute resources. 'There is much much more going on that is either unknown or chronically underdiscussed,' Casado noted, highlighting what he characterized as coordinated efforts to restrict AI development. Sacks emphasized the fundamental ideological divide, stating these actors 'fundamentally believe in empowering government to the maximum.' He warned that 'the single greatest dystopian risk associated with AI is the risk that government uses it to control all of us,' potentially creating an 'Orwellian future where AI is controlled by the government.' Why It Matters: This pivot follows what industry observers call the 'DeepSeek moment,' when China's breakthrough AI model demonstrated significant capabilities, challenging Western assumptions about Chinese AI development. The controversy highlights tensions between rapid AI advancement and governance frameworks. Hedge fund manager Paul Tudor Jones recently warned that leading AI modelers believe there's a 10% chance AI could 'kill 50% of humanity' within 20 years, yet security spending remains minimal compared to $250 billion in development investments by major tech companies. Sacks concluded his analysis by warning that 'WokeAI + Global AI Governance = the most Orwellian future imaginable,' positioning this combination as the ultimate goal of Effective Altruist organizations seeking expanded regulatory control over AI development and deployment. Read Next: Hasbro, MGM, and Skechers trust this AI marketing firm — Invest before it's too late. 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share with a $1000 minimum. Photo Courtesy: Tapati Rinchumrus on To MSN: Send to MSN Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Obama's AI Job Loss Warnings Aren't Accidental, Says David Sacks: They're Fueling A Global Power Grab And 'The Most Orwellian Future Imaginable' originally appeared on Sign in to access your portfolio
Yahoo
28-05-2025
- Business
- Yahoo
Trump's week of crypto embrace continues despite ethics red flags
President Donald Trump called bitcoin a scam against the dollar in 2021. You wouldn't know it this week. Key members of the president's inner circle are headlining the Bitcoin 2025 conference in Las Vegas, a vivid illustration of Trump's dramatic turnaround on the issue and a key example of the mix of a political and personal embrace of cryptocurrency that's raising new ethical issues. Vice President JD Vance spoke Wednesday afternoon about the administration's efforts on stablecoin legislation. David Sacks, Trump's crypto czar, also took the stage, as well as Trump's sons, Eric and Donald Trump Jr., who are both involved in several crypto ventures of their own that have faced conflict-of-interest concerns. The Vegas conference is the latest in a series of examples of Trump's pro-crypto agenda that's increasingly intertwined with his own financial interests. On Tuesday, the parent company of Truth Social, whose majority shareholder is Trump, said it was raising $2.5 billion to buy bitcoin. Last week, Trump held a private dinner featuring buyers of his personalized crypto memecoin, who dumped $148 million into the token. While watchdog groups, congressional Democrats and even some Republicans have raised red flags about the Trump family's entanglements with crypto, Trump is doubling down. Inside the White House, officials insist events like the memecoin dinner are 'separate' from the White House and 'unaffiliated' crypto enterprises. And despite the bipartisan eyebrow raises, officials say there's no plan for Trump's private ventures to be put on hold while he runs the executive branch — defending the revocable trust where most of Trump's assets lie, which is controlled by his son, Donald Jr. That's causing headaches within the administration, with even those working on crypto issues trying to separate themselves from Trump's potential conflicts of interest. Sacks — the former venture capitalist who is now Trump's crypto czar — has argued that handling the president's business ties to the industry isn't part of his job, according to a former Trump official who has been close to the administration's crypto policies and was granted anonymity to discuss the private conversations. Sacks, instead, views his job as running point on crypto policy across the administration 'to grow this market and to make the market competitive with other countries,' the former official said. 'It's possible for two things to be true at the same time,' the former official said. 'You've never seen a president self-dealing off of policy the way that this president does. … At the same time, mostly, this [is] good policy.' The White House did not immediately respond to a request for comment and a spokesperson for Sacks declined to comment. Though the Trump family business has long been real estate, the president and venture partners have been charting the lucrative waters of crypto for the last couple of years. Trump was the first major-party candidate to accept cryptocurrency donations during the 2024 election. And in accordance with campaign promises, some of Trump's first executive orders in his second term focused on deregulation measures of the crypto industry. Democrats and ethics watchdogs have sounded the alarm over how crypto is becoming a centerpiece of both Trump's business empire and his administration. Some argue the ventures are potentially opening the door for industry players and foreign actors to try and influence the president's policies on crypto and more. Others have blasted the fact that the Trump-linked crypto companies are enriching the president while he's in office. 'Just because the corruption is playing out in public, where everyone can see it, doesn't mean that it isn't rampant, rapacious corruption,' said Sen. Chris Murphy, a Connecticut Democrat, ahead of the memecoin dinner last week. The memecoin dinner was perhaps the most blatant illustration of the intermingling of Trump's public office and private gain. Trump hosted the dinner at his golf club in Virginia, where he addressed the top 220 holders of his personalized crypto token, a so-called memecoin named $TRUMP. While dozens of protesters shouted 'shame' from outside and held signs that said 'Don the Con' and 'No Kings,' the dinner's attendees included crypto traders, former NBA star Lamar Odom and Chinese-born billionaire Justin Sun, who is an adviser to another Trump-linked crypto venture and who was sued by the Securities and Exchange Commission in 2023 for fraud. The case was put on pause earlier this year by Trump's SEC. A number of individuals from outside the United States were also reported in attendance. Before speaking at the bitcoin conference, Vance on Tuesday headlined a $1 million-a-head fundraiser in Las Vegas for MAGA Inc., a Trump-aligned super PAC, according to two people familiar with the event granted anonymity to discuss his schedule. The vice president's close orbit is full of some of crypto's biggest advocates, including Donald Trump Jr. and Christopher Buskirk, who are opening a new members-only club in Washington for the MAGA elite that counts Cameron and Tyler Winklevoss — crypto billionaire brothers who Vance called out by name at the conference — among its founding members. During his remarks on Wednesday, Vance promised that 'loud and clear, with President Trump, crypto finally has a champion and an ally in the White House.' 'We prioritize eliminating the rules, the red tape and the lawfare that we saw aimed at crypto by our predecessors,' Vance said. 'We're ending the weaponization of federal regulations against this community.' Vance last year disclosed owning over $250,000 in Bitcoin and said Wednesday he still owns 'a fair amount.' A spokesperson for Vance declined to comment on if the vice president still manages those assets. The vice president's appearance at the crypto industry conference this week sent another message: Cryptocurrency is in a bull market as long as Trump is in office. 'This conference, this movement of people, is where the future of cryptocurrency in this great country gets decided,' Vance said. 'So let's start by making one thing abundantly clear: that future is going to be decided by the people, by you, not by unelected bureaucrats.'
Politico
28-05-2025
- Business
- Politico
Trump's week of crypto embrace continues despite ethics red flags
President Donald Trump called bitcoin a scam against the dollar in 2021. You wouldn't know it this week. Key members of the president's inner circle are headlining the Bitcoin 2025 conference in Las Vegas, a vivid illustration of Trump's dramatic turnaround on the issue and a key example of the mix of a political and personal embrace of cryptocurrency that's raising new ethical issues. Vice President JD Vance spoke Wednesday afternoon about the administration's efforts on stablecoin legislation. David Sacks, Trump's crypto czar, also took the stage, as well as Trump's sons, Eric and Donald Trump Jr., who are both involved in several crypto ventures of their own that have faced conflict-of-interest concerns. The Vegas conference is the latest in a series of examples of Trump's pro-crypto agenda that's increasingly intertwined with his own financial interests. On Tuesday, the parent company of Truth Social, whose majority shareholder is Trump, said it was raising $2.5 billion to buy bitcoin. Last week, Trump held a private dinner featuring buyers of his personalized crypto memecoin, who dumped $148 million into the token. While watchdog groups, congressional Democrats and even some Republicans have raised red flags about the Trump family's entanglements with crypto, Trump is doubling down. Inside the White House, officials insist events like the memecoin dinner are 'separate' from the White House and 'unaffiliated' crypto enterprises. And despite the bipartisan eyebrow raises, officials say there's no plan for Trump's private ventures to be put on hold while he runs the executive branch — defending the revocable trust where most of Trump's assets lie, which is controlled by his son, Donald Jr. That's causing headaches within the administration, with even those working on crypto issues trying to separate themselves from Trump's potential conflicts of interest. Sacks — the former venture capitalist who is now Trump's crypto czar — has argued that handling the president's business ties to the industry isn't part of his job, according to a former Trump official who has been close to the administration's crypto policies and was granted anonymity to discuss the private conversations. Sacks, instead, views his job as running point on crypto policy across the administration 'to grow this market and to make the market competitive with other countries,' the former official said. 'It's possible for two things to be true at the same time,' the former official said. 'You've never seen a president self-dealing off of policy the way that this president does. … At the same time, mostly, this [is] good policy.' The White House did not immediately respond to a request for comment and a spokesperson for Sacks declined to comment. Though the Trump family business has long been real estate, the president and venture partners have been charting the lucrative waters of crypto for the last couple of years. Trump was the first major-party candidate to accept cryptocurrency donations during the 2024 election. And in accordance with campaign promises, some of Trump's first executive orders in his second term focused on deregulation measures of the crypto industry. Democrats and ethics watchdogs have sounded the alarm over how crypto is becoming a centerpiece of both Trump's business empire and his administration. Some argue the ventures are potentially opening the door for industry players and foreign actors to try and influence the president's policies on crypto and more. Others have blasted the fact that the Trump-linked crypto companies are enriching the president while he's in office. 'Just because the corruption is playing out in public, where everyone can see it, doesn't mean that it isn't rampant, rapacious corruption,' said Sen. Chris Murphy, a Connecticut Democrat, ahead of the memecoin dinner last week. The memecoin dinner was perhaps the most blatant illustration of the intermingling of Trump's public office and private gain. Trump hosted the dinner at his golf club in Virginia, where he addressed the top 220 holders of his personalized crypto token, a so-called memecoin named $TRUMP. While dozens of protesters shouted 'shame' from outside and held signs that said 'Don the Con' and 'No Kings,' the dinner's attendees included crypto traders, former NBA star Lamar Odom and Chinese-born billionaire Justin Sun, who is an adviser to another Trump-linked crypto venture and who was sued by the Securities and Exchange Commission in 2023 for fraud. The case was put on pause earlier this year by Trump's SEC. A number of individuals from outside the United States were also reported in attendance. Before speaking at the bitcoin conference, Vance on Tuesday headlined a $1 million-a-head fundraiser in Las Vegas for MAGA Inc., a Trump-aligned super PAC, according to two people familiar with the event granted anonymity to discuss his schedule. The vice president's close orbit is full of some of crypto's biggest advocates, including Donald Trump Jr. and Christopher Buskirk, who are opening a new members-only club in Washington for the MAGA elite that counts Cameron and Tyler Winklevoss — crypto billionaire brothers who Vance called out by name at the conference — among its founding members. During his remarks on Wednesday, Vance promised that 'loud and clear, with President Trump, crypto finally has a champion and an ally in the White House.' 'We prioritize eliminating the rules, the red tape and the lawfare that we saw aimed at crypto by our predecessors,' Vance said. 'We're ending the weaponization of federal regulations against this community.' Vance last year disclosed owning over $250,000 in Bitcoin and said Wednesday he still owns 'a fair amount.' A spokesperson for Vance declined to comment on if the vice president still manages those assets. The vice president's appearance at the crypto industry conference this week sent another message: Cryptocurrency is in a bull market as long as Trump is in office. 'This conference, this movement of people, is where the future of cryptocurrency in this great country gets decided,' Vance said. 'So let's start by making one thing abundantly clear: that future is going to be decided by the people, by you, not by unelected bureaucrats.'
Yahoo
27-05-2025
- Business
- Yahoo
David Sacks wonders if AI-powered robots could provide an answer to the US 'fiscal situation'
David Sacks said AI and bots could boost the US economy and improve the nation's fiscal outlook. Sacks, the White House AI and crypto czar, said economic growth could ease worries about US debt. He said it's possible that we'll see "AI-powered robots expanding the economy massively." David Sacks, the White House artificial intelligence and crypto czar, said it's possible that a productivity boost from AI and robots could be so powerful that it helps brighten the US financial picture. Sacks said on an episode of the "All-In" podcast posted on Saturday that it's not clear whether recent bond market jitters over the prospect of rising US debt levels represent a "blip" or "some larger once-in-a-century type event." He then said it's possible that a tech windfall could, in effect, rescue lawmakers who appear unwilling to make difficult decisions to reduce the nation's borrowing. "I don't like America's fiscal picture at all, but what if the AI and robotics revolution plays out in the most optimistic way over the next decade and is massively deflationary, and we get basically AI-powered robots expanding the economy massively?" Sacks said. Chamath Palihapitiya, the billionaire investor, interjected that such a scenario would require investments in the power grid, a notion that Sacks agreed with. "My point is just what if the new technology provides an answer to the fiscal situation that's not currently on the table?" Sacks said. The bot-savior scenario would be far more welcome than other outcomes some on Wall Street are predicting. Torsten Sløk, the chief economist of Apollo Global Management, said Friday that the bond market appears to be pricing in a scenario of so-called stagflation, which occurs when growth is sluggish and inflation remains elevated. That would put the US economy in a tough spot — a possible sequel to bouts of stagflation in the 1970s. Many economists fear such a scenario because it can be far more difficult for Federal Reserve policymakers to combat than run-of-the-mill recessions. The idea that the tech gains could help the US shore up its finances comes as some industry observers have said the rise of AI and bots could come at the expense of workers booted from their jobs. Others have a more optimistic take. Namely, that AI will be a productivity accelerator, allowing people to get more done. That's the type of grow-the-pie scenario that Sacks, a close friend of Elon Musk, appeared to indicate was possible. It's an idea the Tesla CEO shares. Musk said this month that tens of billions of humanoid robots could one day remake the global economy. The Tesla CEO said that level of automation could lead to a "universal high income" in which goods and services become so readily available that "no one wants for anything." That followed Musk's comments in October that Tesla's humanoid Optimus could amount to the "biggest product ever of any kind." Before floating the idea of a massive tech boost, Sacks said it was still unclear what might play out with the nation's finances and the bond market. "The reality is we don't know exactly what's going to happen," he said. Sacks and the White House didn't immediately respond to a request for comment from BI. Read the original article on Business Insider
