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

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

Hines, a former college football player and Yale graduate, previously ran for a North Carolina Congressional District in 2022 but was unsuccessful. Trump stated,

“In his new role, Bo will work with David to foster innovation and growth in the digital assets space, while ensuring industry leaders have the resources they need to succeed. Together, they will create an environment where this industry can flourish and remain a cornerstone of our nation’s technological advancement.”

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