According to BlockBeats, on July 13, Cointelegraph reported that in view of a recent court ruling in Illinois that classified Bitcoin and Ethereum as commodities, crypto people urged the Nigerian Securities and Exchange Commission to adopt a similar approach in its regulatory framework. Lucky Uwakwe, chairman of the Nigerian Blockchain Industry Coordination Committee (BICCoN), said, "Basic cryptocurrencies such as Bitcoin and Ethereum have become very valuable commodities, and assets can be priced in them." He emphasized that "Bitcoin and Ethereum require a different regulatory approach compared to 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, encourage innovation, and ensure regulatory compliance."