American businessman and Rich Dad and Poor Dad author Robert Kiyosaki is buying up Bitcoin. Kiyosaki aims to amass Bitcoin before widespread crypto legislation is implemented.
The American businessman Robert Kiyosaki informed his 2.3 million Twitter followers that he is positive on Bitcoin because, unlike most cryptocurrencies, BTC is classified as a commodity by the US financial authority.
According to Kiyosaki, the US Securities and Exchange Commission views Bitcoin as a commodity, thus any future regulatory actions would have no effect on the asset. The businessman informs his Twitter followers that the US SEC views the majority of altcoins as securities. The US banking regulator’s categorization of tokens may hinder cryptocurrency innovation.
The businessman reveals that he views Bitcoin as a commodity akin to gold, silver, and oil and that he is “extremely enthused” about the asset. Altcoins may be destroyed by SEC laws, but BTC as a commodity is likely to survive crypto regulation.
Gary Gensler, the chair of the SEC, has stated time and time again that most other tokens are securities and that Bitcoin is a commodity. BTC is a commodity, according to Commodities Futures Trading Commission Chair Rostin Behnam. The SEC’s enforcement section is devoted to cryptocurrencies, and the agency has come under fire for it.
The FTX exchange’s demise, insolvency, and contagious nature forced regulators to complete a framework to control digital assets. Global central banks are analyzing whether stablecoin regulation and cryptocurrency taxes are necessary. Regulating assets like USD Tether (USDT) and USDC is the start of a bigger framework for crypto regulation in 2023 since stablecoins are seen as the entrance point for traders.
