President-elect Donald Trump announced the appointment of renowned venture capitalist David Sacks as the "White House A.I. & Crypto Czar" on Thursday.

What Happened: In a Truth Social post, Trump revealed that Sacks will guide policy for the administration in two critical areas: artificial intelligence and cryptocurrency. Trump emphasized the importance of these sectors to the future of American competitiveness.

"David will focus on making America the clear global leader in both areas. He will safeguard free speech online and steer us away from big tech bias and censorship," Trump wrote.

Regarding the cryptocurrency industry, Trump said that Sacks will develop a legal framework, providing the clarity it has been seeking and fostering its growth in the U.S.

"He 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."

Why It Matters: The appointment of a dedicated AI & Crypto Czar at the White House signified the growing importance of these sectors in the U.S. economy.

Sacks actively endorsed Trump for the presidency and, along with fellow VC Chamath Palihapitiya, hosted a fundraiser at his residence, which ended up raising $12 million for Trump's campaign.

Interestingly, it was from here that Trump positioned himself as the "crypto president," paving the way for industry backing and triggering a mega bull rally that saw $Bitcoin (BTC.CC)$ hit the historic $100,000 milestone.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.