- David Sacks called NFTs and memecoins “collectibles,” including the TRUMP memecoin on Fox Business interview.
- David Sacks plans to clearly define the crypto market structure and evaluate digital assets stockpile.
President Trump signed a crypto executive order to strengthen the digital asset ecosystem in the US 3 days after the inauguration. He announced David Sacks as the lead of the Presidential Working Group to evaluate the industry and work on regulatory framework.
Speaking on the Fox Business interview, David Sacks mentioned that Trump’s administration is working towards bringing crypto regulation instead of driving crypto companies offshore like in Biden’s administration. He opines that the crypto innovation will now happen in the US to make the country a global leader in crypto and blockchain.
During the same interview, David Sacks called NFTs and memecoins collectibles. Furthermore, he even labelled the latest TRUMP memecoin as a collectible saying,
“I think the TRUMP coin is a collectible. It’s like a baseball card or a stamp. People buy it because they want to commemorate something.”
David Sacks further clarified that it was his personal opinion and not a regulatory stance. However, the classification of memecoins and NFTs as collectibles could bring massive change into the existing memecoin industry and how we perceive memecoins.
David sacks to Clearly Define Crypto Market Structure
Sacks mentioned that they will develop a regulatory framework by clearly defining the market structure. There were particularly three major issues they would like to look into in the process of making the US a crypto capital.
- Clear definition of what is a security, commodity, what is a digital asset, collectible, etc.
- Extending dollar dominance internationally through stablecoins.
- Evaluating national digital asset stockpile.
In addition, David Sacks opines that CBDCs are a threat to freedom and liberty. The crypto executive order signed by Trump also prohibited the development of CBDCs.
Sacks further mentioned stablecoins are a much better option than CBDCs and extending dollar’s dominance could help the US economy by creating demand for US Treasuries.
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