White House Crypto Czar Classifies Meme Coins and NFTs as 'Collectibles'

David Sachs, the White House 'Crypto Czar', has classified meme coins and non-fungible tokens (NFTs) as collectibles rather than securities.

According to Decrypt on the 24th, Sachs stated this in an interview with Fox Business on the 23rd (local time). Sachs mentioned, "Digital assets include securities or commodities, and there are also those that can be classified as collectibles, like NFTs or meme coins," adding, "This is an issue that covers a broad area of innovation." Sachs is the first AI and cryptocurrency czar at the White House.

Sachs also mentioned Donald Trump's meme coin, Official Trump (TRUMP). Sachs explained, "(Official Trump is) like stamps or baseball cards," adding, "People purchase Official Trump to commemorate something." Sachs added, "(However) this is just a personal opinion and not a regulatory stance."