After a recent court ruling in the state of Illinois, which classified Bitcoin and Ether as commodities in the United States, members of the crypto industry in Nigeria are urging the country’s Securities and Exchange Commission (SEC) to follow suit and adopt a similar approach in its regulations.
This call for clarity and proper classification comes as cryptocurrencies continue to gain prominence in the global financial landscape.
Uwakwe believes that this approach would provide creators with clear guidelines on where to seek regulation.
He stated:
“The Nigerian SEC should keep in mind the need to establish rules that define crypto assets or categorize them into asset classes, and explain to the public how they qualify as either securities or commodities.”
