David Sacks, special advisor on AI and cryptocurrencies to a newly formed task force by U.S. President Donald Trump, argued that NFTs and meme tokens are closer to collectibles than securities, Fortune reports.

“It’s like a baseball card or a stamp. People buy it to commemorate something significant,” Sacks said.

He hopes the new regulatory policy under President Trump’s administration will draw crypto businesses back to the United States:

“What the industry needs most is clarity in regulation,” the advisor added.

Context

Under Trump’s directive, the White House has tasked the newly created group with evaluating, within 180 days, the possibility of establishing and maintaining a national reserve of digital assets.