White House Crypto Advisor David Sacks: NFTs and Meme Coins Are Like Collectibles
Are NFTs and Meme Coins Assets or Collectibles?
White House AI and Crypto Czar David Sacks believes NFTs and meme coins are not assets or currencies but belong in a unique category: "Collectibles."
In an interview with Fox Business, Sacks explained, “Digital assets can be many things—securities, commodities, or collectibles like NFTs or meme coins. It's a vast area of innovation.”
This classification as collectibles could change how NFTs and meme coins are viewed, granting them cultural or commemorative value instead of being seen solely as risky investments.
Trump and Crypto Collectibles
Sacks also commented on the Solana-based Official Trump (TRUMP) meme coin, officially tied to former President Donald Trump. He described it as a collectible, similar to baseball cards or stamps. “People buy it to commemorate something,” Sacks said, emphasizing that this was his personal opinion, not a regulatory position.
Clearer Rules for Crypto
As the head of the Presidential Working Group on Digital Asset Markets, Sacks is tasked with clarifying the structure of the digital asset market. The group aims to define clear categories for digital assets, such as securities, commodities, and collectibles, to provide regulatory certainty.
Sacks criticized the previous administration for its lack of guidance on crypto regulations. “The industry wants clear rules more than anything else,” he said.
Stablecoins and a National Digital Reserve
Another key focus of the working group is stablecoins. Sacks called them a “fascinating area” with the potential to extend the U.S. dollar’s global dominance. He also mentioned exploring a national digital asset stockpile, an idea proposed by Trump during his campaign to establish a Bitcoin reserve. While still in early stages, Sacks said, “We’re going to evaluate it.”
NFTs and SEC Scrutiny
The question of whether NFTs should be classified as securities has gained attention, especially after the SEC investigated OpenSea for allegedly selling unregistered securities. Sacks did not directly address this issue but highlighted the need for regulatory clarity to prevent stifling innovation.
A New Era for U.S. Crypto Policy
Sacks’ appointment signals a shift in U.S. crypto policy, with a focus on fostering innovation and regaining leadership in the global crypto space. “Innovation was moving offshore, but I believe that’s about to change very quickly,” Sacks said.
