July 13 news, in view 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. Lucky Uwakwe, chairman of the Blockchain Industry Coordination Committee of Nigeria (BICCoN), said that this approach will provide creators with clear guidelines on where they should seek regulation. "The Nigerian Securities and Exchange Commission should bear in mind the need to formulate rules to 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 US SEC and 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.