David Sacks, the “crypto czar” under President Donald Trump, has suggested categorizing NFTs and meme coins as “collectible assets.” He believes this approach emphasizes their cultural and commemorative value rather than treating them purely as speculative instruments.
Classifying NFTs and Meme Coins
In an interview with Fox Business, Sacks noted that digital assets can fit different categories — securities, commodities, or collectibles — and he sees NFT and meme coins as part of the latter group.
“NFTs and meme coins are like baseball cards or postage stamps. People buy them to commemorate something,” he said.
He also emphasized that this is his personal opinion, not an official regulatory stance.
Impact on NFT Perception
Defining NFTs as collectibles could boost their legitimacy, highlighting their cultural or memorial importance. It may also ease regulatory pressure that treats them as potentially risky.
As an example, Sacks pointed to Trump’s official memecoin on Solana — TRUMP.
“It’s a collectible asset. Its purpose is to capture something significant,” he said.
As head of the presidential working group on digital assets, Sacks aims to establish a clear regulatory framework for the crypto market. He remarked that unclear rules from the previous administration hindered industry growth, while one of his team’s tasks is to recognize TRUMP as a collectible asset, avoiding conflict-of-interest issues.
“Crypto companies didn’t know which rules to follow, then ended up in lawsuits. The industry needs clarity most of all,” he said.
The task force is also exploring the use of stablecoins to strengthen the dollar’s global influence and considering a national crypto reserve of digital assets seized in law enforcement operations.
Regulatory Concerns for NFTs
Debate about NFT classification intensifies as the SEC pays closer attention. In 2024, the SEC sent a notice to NFT marketplace OpenSea regarding potential securities violations, suggesting some NFTs might be unregistered securities.
Categorizing NFTs as collectibles — plus the departure of ex-SEC Chair Gary Gensler — could lessen regulatory risks for platforms. However, outcomes will depend on future decisions by regulators and the new legal framework.
Confidence in the Future
Sacks believes the U.S. can quickly reclaim a leading position in the crypto industry:
“We’ll move very fast. Innovation started going overseas, but that’s all about to change,” he said.
Earlier: The White House’s New “AI and Crypto Czar”: Investor David Sacks
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