Robert Kiyosaki claims to buy more Bitcoin, cites upcoming SEC rules

American entrepreneur and author Robert Kiyosaki recently claimed that he had bought more Bitcoin as the Securities and Exchange Commission is set to implement regulations that may "crush" many other crypto tokens.

Another thing he is "very excited" about is that Bitcoin is categorized by the SEC as "a commodity much like gold, silver, and oil." Others, on the other hand, are classified as securities and, according to Kiyosaki, will be affected by the agency's future regulations.

Kiyosaki's claims are not without basis. Bitcoin, according to SEC chairman Gary Gensler, is a commodity, whereas most other crypto tokens are securities. Gensler's statement is also backed by the Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam.

Multibank Review
Visit Site
eToro Review
Visit Site
4.8/5 Review
Visit Site

According to Arkansas Senator John Boozman, bitcoin is more of a commodity than a cryptocurrency — and U.S. federal courts also share the same perspective.

"It is a commodity in the eyes of the federal courts and in the opinion of the Securities and Exchange Commission (SEC) chairman," Boozman asserted. "There is no dispute about this."

Bitcoin’s status controversy

In August 2022, Boozman and other U.S. Senators proposed the Digital Commodities Consumer Protection Act (DCCPA) to give crypto regulators more authority. Three bills — the Lummis Gillibrand bill, the House bill and the Digital Commodity Exchange Act — were introduced last year to recognize the CFTC as the primary regulator of the cryptocurrency industry.

"Our bill will empower the CFTC with exclusive jurisdiction over the digital commodities spot market, which will lead to more safeguards for consumers, market integrity and innovation in the digital commodities space," Boozman said.

A bill endorsed by Wyoming Republican Sen. Cynthia Lummis and New York Democrat Kirsten Gillibrand would classify digital assets as commodities, securities, or ancillary assets.

Their bill seeks to define ancillary assets as crypto tokens. According to crypto analysts, despite the fluctuating value, they don't compensate the holder with a profit, revenue share, or other financial interest.

It also mandates that cryptocurrency issuers make predefined disclosures to the SEC. Digital asset issues would be considered commodities and thus subject to CFTC regulation, reducing friction between the SEC and other federal agencies.

Sen. Elizabeth Warren is said to be working on legislation that would provide the SEC with the majority of regulatory authority over the cryptocurrency industry.

Adding to the quarrel, some have debated whether crypto regulation is even necessary. For example, Stephen Cecchetti, an economist and professor at Brandeis International Business School, argued that regulating cryptocurrency is not the right move.

"Like the World of Warcraft, crypto, in my view, does nothing to support the real economy, so legitimizing it is simply going to drain creative resources from productive activities," he said.

In addition to Bitcoin, Ether was classified as a commodity in a court filing on December 13. However, this contradicts Behnam's comments in November that Bitcoin was the only cryptocurrency that should be treated as a commodity.

On the other hand, Belgium has opted for a different approach, declaring on November 22 that Bitcoin, Ether and other crypto assets issued primarily by computer code do not constitute securities.

Mark Moss, CEO of Market Disruptor, expressed a similar sentiment, claiming that substantial regulation is on its way to the cryptocurrency industry in the aftermath of FTX's demise.

He contends that future cryptocurrency bull runs are unlikely. According to Moss, bitcoin will continue to see demand because it is "solving a problem that has plagued humanity since Day One."

For a long time, Kiyosaki has advised investors to purchase gold, silver and bitcoin. After FTX’s collapse, the Rich Dad Poor Dad author said he remains optimistic about bitcoin, asserting that crypto cannot be scapegoated for FTX's failure.