Crypto Czar David Sacks Celebrates Trump's Crypto Order, Says Trump Coin Is a Collectable

White House AI and crypto czar David Sacks highlighted in a FoxBusiness interview after President Trump's crypto executive order on Thursday that the billionaire's sweeping actions show commitment to his campaign pledge of making America "the crypto capital" of the world.

The Executive Order will form a Presidential Working Group on Digital Asset Markets chaired by Sacks. Prominent figures, including the US Treasury Secretary and the Securities and Exchange Commission (SEC) Chairman, will work with Sacks to devise a federal regulatory framework governing digital assets and stablecoins.

The order will also assess the feasibility of developing a "strategic national digital assets stockpile" from cryptocurrencies lawfully seized by the government during its enforcement actions. Regarding the crypto reserve, Sacks said: "Yeah, we're going to evaluate that. We have not decided to do it yet, but we need to study that."

Meme Coins and NFTs Belong To The Collectables Category

Sacks opined that NFTs and meme coins are collectables. "Well, when you're talking about digital assets, it can be multiple things," he said. "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 collectables like NFTs or meme coins."

He described the Official $TRUMP meme coin launched by the President at the end of last week on the Solana blockchain as a collectable. "It's like a baseball card or a stamp," the crypto czar said. "People buy it because they want to commemorate something."

The distinction could influence how NFTs and meme coins are viewed, giving them legitimacy as digital assets with commemorative value. However, Sacks stressed that his view on crypto collectables was his personal view and not a regulatory stance.

Biden Administration Drove Crypto Industry Offshore

Sacks slammed the Biden Administration for driving the crypto industry away in the past four years. Former SEC Chair Gary Gensler often clashed with crypto companies, filing over 83 lawsuits against them.

"For the last four years, the Biden administration has basically prosecuted and persecuted crypto companies, really driving them offshore," Sacks said. "I've heard so many outrageous stories by founders, by entrepreneurs, the Biden administration would not tell them what the rules of the road were, and they would then get prosecuted."

"The [crypto] industry wants more than anything else is regulatory clarity," he explained. "They're saying, just tell us what the rules are. We will abide by them." However, the Biden Administration never offered clarity, which drove crypto innovation offshore.

Markets are anticipating the settlement of pending crypto cases against companies like Ripple, which has been fighting a legal battle with the SEC since 2020. Ripple XRP prices have surged over 400% in the past six months, and the token is slated as an efficient payment medium by crypto enthusiasts. Yesterday, the SEC held a closed-door meeting under acting chair Mark Uyeda to discuss litigations and address matters linked to enforcement actions.

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