Nigerian Crypto Activist Suggests Regulating Bitcoin and Ethereum as Commodities

In light of a recent court ruling in Illinois that classified Bitcoin and Ethereum as commodities, Nigerian stakeholders are urging 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 proper classification of cryptocurrencies. In an interview, Lucky Uwakwe, chairperson of the Blockchain Industry Coordination Committee of Nigeria (BICCoN), stressed the importance of clearly defining crypto asset classes. Lucky Uwakwe said that such an 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 could change the classification of a particular crypto asset. (Cointelegraph)