David Sacks: Trump's Executive Order Shows Commitment to Making US 'the Crypto Capital' of the World

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.

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. Key figures, including the US Treasury Secretary and the Securities and Exchange Commission (SEC) Chairman, will work with Sacks to create a federal regulatory framework governing digital assets and stablecoins.

The order will also assess the possibility of creating a "strategic national digital assets stockpile" from cryptocurrencies legally seized by the government during its enforcement actions. On 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

Regarding NFTs and meme coins, Sacks categorized them as 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 included the Official $TRUMP meme coin, launched by the President at the end of last week on the Solana blockchain, in the collectable category. "It's like a baseball card or a stamp," the crypto czar said. "People buy it because they want to commemorate something."

This distinction could influence how NFTs and meme coins are perceived, legitimizing them as digital assets with commemorative value. However, Sacks clarified that his view on crypto collectables is personal and not a regulatory stance.

Biden Administration Drove Crypto Industry Offshore

Sacks criticized the Biden Administration for driving the crypto industry offshore in the past four years. Former SEC Chair Gary Gensler had frequent altercations with crypto companies, filing more than 83 lawsuits against them.

"For the last four years, the Biden administration has basically prosecuted and persecuted crypto companies, really driving them offshore," said Sacks. "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." But the Biden Administration failed to provide clarity, which pushed crypto innovation offshore.

Markets are awaiting the resolution of pending crypto cases against companies like Ripple, which has been engaged in a legal battle with the SEC since 2020. While Ripple XRP prices have surged over 400% in the past six months, crypto enthusiasts have touted the token as an efficient payment medium. On Thursday, the SEC held a closed-door meeting with acting chair Mark Uyeda to discuss litigations and address matters related to enforcement actions.