Since his election to the White House, President Donald Trump has increased his pro-crypto announcements, with the signing this week of an executive order aimed at making the United States a world leader in cryptocurrency. This decree notably led to the creation of a working group on digital asset markets.
The key points of this article:
Donald Trump signed an executive order to make the United States a world leader in cryptocurrency.
David Sacks, named Trump's «Crypto Czar,» addressed the classification of NFTs and memecoins as collectibles.
Trump's proposal to create a national reserve of digital assets is being seriously evaluated by the task force.
David Sacks, Trump's «Crypto Czar».
At the same time, David Sacks, a well-known entrepreneur and investor in Silicon Valley, was appointed to head this working group. He thus inherited the nickname of « Crypto Czar » of Trump. Its role is to advise the administration on policies related to crypto and artificial intelligence. So, during a recent interview with Fox News, Sacks discussed several hot topics, including the classification of NFTs and memecoins as well as Trump's proposal to create a national reserve of digital assets. According to Sacks, NFT and memecoins should be considered as « collectibles »that is to say collectibles, rather than financial securities or commodities. This distinction could have major implications for how these assets are regulated. Indeed, the SEC (Securities and Exchange Commission) recently intensified its investigations into NFT platforms, arguing that some of these tokens could be considered unregistered securities.
“I think the Trump coin is a collector’s item. It's like a baseball card or a stamp. People buy it because they want to commemorate something. »
Stablecoins at the heart of American strategy
Sacks also discussed the potential role of stablecoins in the American economy. According to him, these digital currencies backed by the dollar could “expand the dominance of the dollar globally”. In particular, he highlighted the possibility of creating a “digital dollar” that would be used by people around the world, thereby strengthening the position of the United States in the international financial system. Finally, Sacks addressed Trump's proposal to create a national reserve of digital assets. Although the idea is still in its infancy, Sacks said the task force is seriously evaluating it.
“We will evaluate that. We haven't decided to do it yet, but we need to study it. »
This reserve could include cryptocurrencies like bitcoin, which Trump has already mentioned during his election campaign. The appointment of David Sacks as “Crypto Czar” marks a turning point in American policy towards cryptocurrencies. While the Biden administration had been criticized for its lack of regulatory clarity, Trump's team appears determined to create a more transparent and innovation-friendly framework. It remains to be seen how these initiatives will be implemented and what impact they will have on the overall cryptocurrency market.