Odaily Planet Daily News In light of a recent court ruling in Illinois that classified Bitcoin and Ethereum as commodities, Nigerian stakeholders urged the Nigerian SEC to adopt a similar approach in its regulatory framework. As cryptocurrencies play an increasingly important role in the global financial sector, there are calls for clear and appropriate classification of cryptocurrencies. Lucky Uwakwe, chairman of the Blockchain Industry Coordination Committee of Nigeria (BICCoN), stressed the importance of clearly defining crypto asset classes in an interview. Lucky Uwakwe said that this approach would provide creators with clear guidelines on where they should seek regulation. The Nigerian SEC should keep in mind the need to formulate rules that define the asset class of crypto assets or subdivide the corresponding cryptocurrencies into asset classes and explain to the public how such cryptocurrencies qualify as securities or commodities. Uwakwe pointed out that while both the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) agree that Bitcoin and Ethereum are commodities, the distinction between proof-of-stake (PoS) and proof-of-work (PoW) protocols may change the classification of specific crypto assets. (Cointelegraph)