PANews reported on April 25 that according to CoinDesk, the Nasdaq exchange sent a letter to the SEC's crypto working group, suggesting that regulators carefully categorize digital assets and clarify the "referee" of regulation. The document, signed by regulatory affairs head John Zecca, proposed four categories: first, financial securities tokens (such as tokens linked to stocks, bonds, ETFs, which should be treated equally with underlying assets), regulated by the SEC; second, digital asset investment contracts (token-based contracts that meet the revised Howey Test), subject to securities rules; third, digital asset commodities (meeting the US commodity definition), under CFTC jurisdiction; fourth, other digital assets (not falling into the first three categories, not mandatorily subject to securities or commodity rules). The SEC and CFTC will collaborate to clarify regulatory boundaries, and the new cryptocurrency law may become a guiding basis. Nasdaq also suggested developing cross-trading qualification certification for multi-type asset handling platforms and emphasized its credibility in the digital asset field, calling for strengthened safety constraints on companies comprehensively handling investor activities, aligning with industry practices.
