Crypto Czar David Sacks Labels NFTs Memecoins Collectibles

• David Sacks regards NFTs and memecoins as collectibles.
• Sacks intends to establish the crypto market structure and strengthen the US dollar.

David Sacks is one of the people instrumental in determining how crypto will be regulated in the U.S. recently weighed in on Fox Business, saying that NFTs and memecoins are “collectibles.” He explained how he would change the definition of the U.S. President Trump ordered the positioning of the crypto market in the United States to establish the country as a global leader in crypto.

According to Sacks, he said in the interview that the Trump administration has promised to bring crypto regulation onshore while on the other hand, the approach of President Biden pushed most of the crypto companies offshore. According to Sacks, innovation in the crypto and blockchain industry in the United States will be a critical factor for the country to remain a global leader in digital assets.

Redefining Digital Assets and Crypto Market Structure

During the interview, Sacks said that NFTs and memecoins, including the TRUMP memecoin, are collectibles, just like baseball cards or stamps. He said people buy the assets because they want to mark a special occurrence, adding that that was his personal view and not an official regulatory one. This shift in perception could profoundly influence how people perceive and regulate the crypto market, especially the memecoin industry.

Sacks also spoke to the general regulatory framework, which will be very clear regarding the U.S. market structure. His three areas of interest are, what is a security, commodity, or digital asset, dollar dominance through stablecoins, and building a national digital asset stockpile.

In addition, Sacks voiced his concerns about CBDCs, which he claimed threatened personal freedom and liberty. He supported stablecoins as a better alternative and said that furthering the dollar’s hegemony through stablecoins could benefit the U.S. economy, for instance, by increasing demand for U.S. Treasuries.

A new approach to regulation under the leadership of Sacks could really change the direction of how digital assets are categorized and regulated within the U.S. and eventually the global landscape of crypto.