President-elect Donald Trump has appointed Bo Hines, a former Republican Congressional candidate, to serve as the executive director of his new “Crypto Council.” Trump announced on the social media platform Truth Social that the group, officially known as the Presidential Council of Advisers for Digital Assets, will be comprised of prominent figures from the crypto industry.

Trump also mentioned that the council will be led by veteran Silicon Valley venture capitalist David Sacks, whom Trump selected to serve as his White House AI (artificial intelligence) and Crypto Czar.

Hines, a former college football player and Yale graduate, lost a congressional race for a North Carolina district in 2022. Trump stated, “In his new role, Bo will work with David to encourage innovation and growth in the digital assets space, while ensuring that industry leaders have the necessary resources to succeed. Together, they will create an environment where this industry can thrive and continue to be at the forefront of our nation’s technological advancement.”

Sacks previously served as the chief operating officer (COO) of PayPal and is a well-known venture capitalist who has invested in major tech companies such as Airbnb, Palantir, Postmates, Reddit, Slack, SpaceX, Twitter, and Uber. He publicly endorsed Trump in June and hosted a multimillion-dollar fundraiser for the former president at his residence in San Francisco.