According to BlockBeats, on July 13, Cointelegraph reported that following a recent court ruling in Illinois categorizing Bitcoin and Ethereum as commodities, cryptocurrency advocates are urging the Nigerian Securities and Exchange Commission (SEC) to adopt a similar approach in its regulatory framework. Lucky Uwakwe, Chairman of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), stated that foundational cryptocurrencies like Bitcoin and Ethereum have become highly valuable commodities, and assets can be priced using them. He emphasized that Bitcoin and Ethereum require a different regulatory approach compared to other cryptocurrencies. By classifying Bitcoin and Ethereum as commodities, the Nigerian SEC can provide the much-needed clarity and stability in the market, encouraging innovation while ensuring regulatory compliance.