Cross River CEO Gilles Gade has applauded David Sacks’ nomination, calling it a win for Fintech, crypto, and AI regulation.
Gilles Gade, Founder and CEO at Cross River Bank, noted that David Sacks’ nomination as ‘AI & Crypto Czar’ could be a pivotal moment for the “future of fintech and a decisive step toward harnessing the transformative power of technology in financial services.”
Gade added that with deep expertise in fintech, AI, and crypto, Sacks brings the type of leadership we urgently “need to modernize outdated regulatory frameworks and protect consumers in an era of rapid innovation.”
Gade also mentioned that for too long, the “lack of an innovative regulatory approach has stifled progress, leaving consumers vulnerable and businesses without the clarity they need to thrive.” They further noted that “a fragmented system is no longer sustainable—it’s time for a forward-thinking leader who understands both the complexities of technology and the needs of the market and can provide unified direction and leadership.”
Sacks’ proven experience uniquely positions him to “deliver on this challenge,” according to Gade.
He remarked:
“We’ve seen the seeds of this idea before, such as the FDIC’s Office of Innovation under Jelena McWilliams, but those efforts were derailed before they could reach their full potential. Now is the time to act boldly. The U.S. needs a regulatory framework that fosters responsible innovation and positions the country as a global leader in fintech, AI, and crypto.”
He also stated that this includes a “clear, robust legal structure the crypto industry has long requested, in addition to immediate regulatory attention that safeguards consumers, while ensuring the ethical development of AI.”
The Cross River Bank CEO pointed out that it is “not just about catching up—it’s about leaping ahead.”
He concluded:
“Sacks’ nomination is an important step toward creating a modern regulatory system that meets the demands of 2025 and beyond. All of us who believe in the transformative power of technology to redefine financial services should welcome this nomination.”
