NFTs and memecoins are not securities, says new US cryptocurrency czar

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DOGE phenomenon: Memecoins surpass traditional brands in market value
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David Sacks, the White House’s new artificial intelligence (AI) and cryptocurrency “czar,” spoke about the regulatory situation of NFTs and memecoins. According to the new executive, both are neither movable assets nor currencies, but rather items “collectibles“, compared to ancient coins and stamps, for example.

In an interview with Fox Business on Thursday (23), Sacks was questioned regarding the status of NFTs and cryptocurrencies. In principle, the new tsar replied:

The distinction as a collectible could alter how NFTs and memecoins are perceived, potentially granting them legitimacy as assets of cultural value. This way, they would not fall under the regulatory purview of the US Securities and Exchange Commission, the SEC.

Sacks also gave his opinion on the official memecoin launched by Donald Trump before taking office, TRUMP. When asked about it, the head of AI and cryptocurrencies reinforced your argument.

Regulatory change

In his view, NFTs and memecoins are like a baseball card or a stamp. Sachs stated that people do not buy these items because they want to make a profit, but rather because they want celebrate something. Although several memecoin enthusiasts actually want to acquire tokens with the aim of becoming millionaires with the new successful memecoin.

But at the same time Sachs clarified that this was his personal opinion, not a regulatory position. Therefore, the definition Regarding what NFTs and memecoins are from a financial point of view should remain in the hands of the SEC.

During the interview, the cryptocurrency czar outlined his vision for the Presidential Working Group on Digital Asset Markets, which he chairs and is part of Donald Trump’s sweeping executive order to establish the U.S. as a global leader in cryptocurrencies.

An important focus of the group is to define what the legal framework for digital assets in the USA. Therefore, Sachs and his team must work together with the SEC to establish clear categories of each cryptocurrency. Some of them may be classified as securities, others as commodities and some as collectibles.

Regardless of classification, the Trump administration should seek to bring regulatory certainty to an industry that has long operated in a legal limbo. And Sachs criticized the Biden administration as one of those responsible for this limbo.

NFTs and memecoins are not securities, says new US cryptocurrency czar

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NFTs and memecoins are not securities, says new US cryptocurrency czar

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