Nigeria finally wants to regulate crypto

The Nigerian Securities and Exchange Commission wants to classify crypto as securities.

Is this a good development?
Do you see crypto going mainstream with this?
Do you think it might end up stifling innovation?

@Eruskkii my only question is to the crypto guru’s in the house " is what the SEC up to a global practice in places like the USA, UK and other normal climes, dasall ? "

Regulating it would only make sense if stakeholders and players in the market are allowed to contribute to the regulatory process.