On July 13 news, in light of a recent court ruling in Illinois classifying Bitcoin and Ethereum as commodities, Nigerian stakeholders have urged the Nigeria Securities and Exchange Commission (SEC) to adopt a similar approach in its regulatory framework. As cryptocurrencies play an increasingly important role in the global financial landscape, there are calls for a clear and appropriate classification of cryptocurrencies. In an interview, LuckyUwakwe, Chairperson of the Blockchain Industry Coordinating Council of Nigeria (BICCoN), stressed the importance of clearly defining the crypto asset class. LuckyUwakwe stated that such an approach would provide clear guidelines to creators on where they should seek regulation ". The Nigerian Securities and Exchange Commission should bear in mind the need to develop rules to define the asset class of cryptoassets or subdivide the corresponding cryptocurrencies into asset classes and explain to the public how such cryptocurrencies qualify to be called securities or commodities. "Uwakwe noted that while both the Securities 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 may change the classification of a particular cryptoasset.