Are NFTs and meme coins assets, currencies, or something else entirely? According to White House AI and Crypto Czar David Sacks, they belong in their own category: “Collectibles.”
“Well, when you’re talking about digital assets, it can be multiple things,” Sacks said during a Fox Business interview on Thursday.
“I mean, you’ve got digital assets that are securities, you’ve got digital assets that are commodities, you’ve got digital assets that are collectibles like NFTs or meme coins. So you’re talking about a whole vast area of innovation.”
The distinction as a collectible could alter how NFTs and meme coins are perceived, potentially granting them legitimacy as assets with cultural and commemorative value rather than speculative risks.
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Sacks also weighed in on the Solana-based Official Trump (TRUMP) meme coin, a token officially tied to President Trump. “I think the Trump coin is a collectible,” he said, stating it falls under the same category as NFTs or meme coins.
“It’s like a baseball card or a stamp,” the crypto czar said. “People buy it because they want to commemorate something.”
While acknowledging the token’s purpose as a collectible item, Sacks clarified that this was his personal opinion, not a regulatory stance.
During the interview, the crypto czar outlined his vision for the Presidential Working Group on Digital Asset Markets, which he chairs as part of President Donald Trump’s sweeping executive order to establish the U.S. as a global crypto leader.
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A key focus of the group is defining the market structure for digital assets. By establishing clear categories—such as securities, commodities, and collectibles—the administration seeks to bring regulatory certainty to an industry that has long operated in a gray area.
“The Biden administration would not tell them [crypto firms] what the rules of the road were, and they would then get prosecuted,” Sacks said on Thursday. “And what the industry wants more than anything else is regulatory clarity.”
Stablecoins and the U.S.’s stockpiling efforts
The group will also focus on stablecoins, which Sacks called “a really interesting area” with the potential to extend the U.S. dollar’s dominance globally.
“We can basically create a digital dollar that people all over the world will use,” Sacks said.
The Presidential Working Group will also explore the concept of a national digital asset stockpile, an idea Trump proposed during his campaign as part of a strategy to establish a Bitcoin national reserve.
While the idea remains in its early stages, Sacks explained, “Yeah, we're going to evaluate that. We have not decided to do it yet, but we need to study that.”
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The issue of whether NFTs should be classified as securities has gained traction in recent months, especially following the U.S. Securities and Exchange Commission’s (SEC) investigation into NFT marketplace OpenSea.
Last August, OpenSea CEO Devin Finzer revealed the platform had received a Wells Notice, a precursor to potential legal action from the SEC, over claims that certain NFTs sold on the marketplace might qualify as unregistered securities.
Sacks’ appointment as the White House AI and Crypto Czar marked a significant policy shift for the U.S.’s domestic crypto sector.
Looking ahead, Sacks voiced confidence in the U.S.’s ability to regain its leadership in the global crypto space.
“We’re going to catch up really fast,” he said. “The innovation was starting to move offshore… but now I think it’s going to change very fast.”
Edited by Sebastian Sinclair
