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CryptoIntelligence 2024-07-18 00:23:00

Nigerian Stakeholders Advocate SEC to Classify Bitcoin and Ether as Commodities for Regulatory Clarity

Nigerian Stakeholders Advocate SEC to Classify Bitcoin and Ether as Commodities for Regulatory Clarity

Following a recent court ruling in Illinois classifying Bitcoin and Ether as commodities, stakeholders in Nigeria are advocating for a similar approach from the Nigerian Securities and Exchange Commission (SEC) to enhance regulatory clarity. This call for classification comes amidst the growing importance of cryptocurrencies in global finance. Lucky Uwakwe, chairman of Nigeria’s Blockchain Industry Coordinating Committee (BICCoN), emphasized the necessity of defining crypto asset classes clearly. In an interview with Cointelegraph, Uwakwe stressed, “The Nigerian SEC should make rules that define the asset class of crypto assets or break respective crypto into asset classes and explain how such crypto

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