President Donald Trump’s cryptocurrency czar, David Sacks, remained optimistic about the crypto industry after the president signed a groundbreaking executive order to create a cryptocurrency working group. This group will propose a new regulatory framework for digital assets and explore the creation of a Bitcoin (BTC-USD) stockpile.
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This crypto working group will be chaired by David Sacks, a former PayPal (PYPL) executive. Furthermore, the new crypto working group will consist of the Treasury secretary, attorney general, and chairs of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Sacks Hails Trump’s Executive Order
While speaking on FOX Business’ The Evening Edit on Thursday, Sacks hailed this move as a significant step toward fulfilling Trump’s promise to establish the United States as the global leader in cryptocurrency innovation.
Interestingly, the framework aims to define clear categories for digital assets, such as securities, commodities, and collectibles, addressing long-standing industry concerns about regulatory ambiguity.
In the interview, Sacks criticized the Biden administration for its approach, which he claimed drove crypto companies offshore as the Biden administration “basically prosecuted and persecuted crypto companies.” He added that Trump’s order signals a departure from that era, providing the industry with “regulatory clarity.”
Sacks Sees NFTs as Collectibles
Additionally, Sacks discussed the potential of collectibles like non-fungible tokens (NFTs) and meme coins. According to Sacks, these digital assets represent cultural and commemorative value, similar to baseball cards or stamps. He specifically categorized the Solana-based (SOL-USD) Official Trump (TRUMP) meme coin as a collectible, emphasizing its symbolic rather than speculative purpose.
An NFT (Non-Fungible Token) is a unique digital asset that represents ownership of a specific item or piece of content, such as artwork, music, videos, virtual goods, or even real-world assets.
Furthermore, Sacks added that the working group will focus on stablecoins and termed them “a really interesting area” to extend the dominance of the U.S. dollar globally. He stated, “We can basically create a digital dollar that people all over the world will use.” Stablecoins are a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset, such as a fiat currency like the U.S. dollar.
What Are the Best Crypto Stocks?
We have rounded up the best crypto stocks to buy using the TipRanks Stocks Comparison tool for investors interested in investing in crypto stocks. According to this graphic, analysts are bullish about Nvidia (NVDA), Block (XYZ), Riot Platforms (RIOT) and MicroStrategy (MSTR).
