David Sacks сlassifies NFTs, memecoins as сollectibles amid regulatory debate
A new look at NFTs and memes
The Trump administration is rethinking the classification of digital assets, a matter of significant importance for the new president in light of launching his own memecoin and the political opposition’s reaction to it.
In an interview with Fox Business, David Sacks, dubbed the "czar of AI and crypto," categorized NFTs and memecoins as a distinct asset class—“collectibles.”
“When you talk about digital assets, it could mean many things... I mean, you have digital assets that are securities, digital assets that are commodities, and digital assets that are collectibles, like NFTs or memecoins. So, you’re talking about a vast area of innovation,” Sacks stated.
The legitimization of NFTs and memecoins as collectibles could change how they’re perceived in society, potentially elevating them to assets of cultural and commemorative value rather than speculative risks.
The demand for such legitimization has reached the highest levels, following the launch of the official memecoins TRUMP and MELANIA, as Donald Trump’s political opponents have already begun using this against him.
Democrats are on the offensive
Senator Elizabeth Warren, a prominent Democrat on the U.S. Senate Banking Committee and known for her skepticism toward cryptocurrencies, has called on financial regulators and the Office of Government Ethics to investigate the ethical and legal implications surrounding Donald and Melania Trump’s cryptotokens.
She claimed that the TRUMP memecoin “has significantly enriched Trump personally, provided a channel for the crypto industry to funnel money to him, and created a volatile financial asset allowing anyone in the world to speculate on Trump’s political fortunes.”
Warren also warned that “leaders of hostile nations” could secretly purchase these memecoins, creating “the specter of unrestrained and untraceable foreign influence over the President of the United States.”
As we wrotre, Sacks, a renowned Silicon Valley entrepreneur and venture capitalist, brings decades of expertise in technology and finance to this newly created role. Known for his leadership at PayPal and his involvement in prominent tech firms, Sacks is tasked with shaping policies to foster innovation, ensure regulatory clarity, and address national security concerns related to AI and cryptocurrency.
