According to BlockBeats, on July 13, in light of a recent Illinois court ruling classifying Bitcoin and Ethereum as commodities, crypto activists urged the Nigerian Securities and Exchange Commission to adopt a similar approach in its regulatory framework.

Lucky Uwakwe, chairperson of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), said that underlying cryptocurrencies such as Bitcoin and Ethereum have become very valuable commodities and assets can be priced in terms of them.

He stressed that Bitcoin and Ethereum require a different regulatory approach than other cryptocurrencies. By treating Bitcoin and Ethereum as commodities, the Nigerian Securities and Exchange Commission can provide much-needed clarity and stability in the market, encouraging innovation while ensuring regulatory compliance.