- R.Obert Kiyosaki reveals that most crypto tokens are classified as securities, scooping up bitcoin before innovation is squashed.
- The author and entrepreneur of Rich Dad, Poor Dad, he recommends that traders accumulate gold, silver and bitcoin throughout the crypto winter.
- Kiyosaki argues that the U.S. Securities and Exchange Commission classifies Bitcoin as a commodity, while most other tokens are securities.
Robert Kiyosaki, American entrepreneur and author of Rich Dad and Poor Dad, is scooping up Bitcoin. Kiyosaki wants to pile up bitcoin before cryptocurrency regulation becomes mainstream.
Also read: Bitcoin Tends To Be Undervalued As Stablecoin Reserves Drop To Pre-2021 Bull Market Levels
Robert Kiyosaki Advises Traders to Scoop Up Bitcoin
American entrepreneur Robert Kiyosaki has told his 2.3 million followers on Twitter that he is bullish on Bitcoin.
Kiyosaki is licensed by the U.S. Securities and Exchange Commission. Bitcoin Therefore, commodities and assets will not be affected by future actions of regulators. The entrepreneur tells his followers on his Twitter that his SEC in the US considers most altcoins to be securities. This classification of tokens by US financial regulators could stifle crypto innovation.
Entrepreneur explains he’s ‘very excited’ Bitcoin View assets as commodities similar to gold, silver, and oil. SEC regulations could crush altcoins, but his BTC, a commodity, is likely to survive crypto regulations.
SEC Chairman Gary Gensler has repeatedly confirmed that: Bitcoin is a commodity and most other tokens are securities. Commodity Futures Trading Commission Chairman Rostin Behnam has confirmed that BTC is a commodity. The SEC’s enforcement arm is crypto-focused, and the committee has been criticized for its approach to cryptocurrencies.
The collapse of the FTX exchange, its bankruptcy, and the spread of the contagion have prompted regulators to finalize the framework for regulating digital assets. Central banks around the world are assessing the need for stablecoin regulation and cryptocurrency taxation. Regulating assets such as USD Tether (USDT) and USDC is the start of a broader framework for regulating cryptocurrencies in 2023, as stablecoins are seen as entry points for traders.
