Crypto Czar David Sacks Says NFTs and Memecoins Are Collectibles, Not Securities
Non-fungible tokens and memecoins are neither securities nor commodities, according to White House crypto czar David Sacks. Instead, he defines them as "collectibles." From a report: "It's like a baseball card or a stamp," Sacks said in an interview with Fox Business on Thursday, referencing Trump's explosively popular memecoin. "People buy it because they want to commemorate something." The famous venture capitalist's comments touched on a long-running debate about the crypto industry in general: how exactly to treat different digital assets. Some argue that digital assets are securities, which are tradable financial assets like stocks. But others say they're commodities, or raw materials that can be bought and sold, like gold and wheat. The classification differences have vast regulatory implications. "There's a few different categories here, so defining the market structure is important," said Sacks.

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