David Sacks, the White House crypto czar, recently classified non-fungible tokens (NFTs) and memecoins as “collectibles,” neither traditional securities nor commodities. He likened them to items like baseball cards or stamps, emphasizing their use as collectibles rather than for investment or trade.
This classification has sparked debates about how digital assets should be regulated. While NFTs and memecoins are taxed similarly to collectibles under U.S. law, they face no specific regulations under U.S. securities laws. Sacks suggested that the new regulatory environment might help crypto businesses return to the U.S., highlighting a desire for clarity in the industry’s future.
The debate over asset classification has significant implications for tax and market structures, with some experts noting that NFTs could face higher capital gains rates than collectibles under current law.
Source: https://fortune.com/crypto/2025/01/24/crypto-czar-david-sacks-memecoinsn-nfts-collectibles