Nasdaq Proposes Regulatory Framework for Digital Assets to SEC, Aiming to Integrate Crypto into US Capital Market, Protect Investors, and Promote Innovation.
The leading technology stock exchange Nasdaq has submitted a proposal for a comprehensive regulatory framework to the US Securities and Exchange Commission (SEC), aiming to integrate digital assets into the current financial system without affecting investor protection mechanisms.
In a letter dated 25/4 to Ms. Vanessa Countryman, SEC Secretary, Mr. John A. Zecca – Executive Vice President and Global Head of Legal, Risk, and Regulation at Nasdaq – emphasized the importance of building a clear asset classification system as a foundation for digital asset management.
"A successful classification system needs to include clear categories and change management processes as the industry develops," Zecca affirmed.
Four-Tier Classification System
"Whether existing in paper stocks, digital stocks, or tokens, the fundamental nature of a financial instrument remains unchanged remains unchanged and needs to management as before as," Zecca argued.
To balance innovation and investor protection, Nasdaq proposes establishing a specialized trading platform named "ATS-Digital" or "ATS-D". This platform will facilitate digital commodity, investment uncontract, and unclassified asset trading under a lighter supervision framework while ensuring transparency.
Nasdaq also calls for establishing a "voluntary safe zone" mechanism for digital assets not currently fitting into any classification. This mechanism allows trading based on disclosure levels according according to risk while regulators complete the p Innovation must interests, not vice versa," Zecca emphasized.
By recommcoordination between SEC, cCommodity Trading Futures Trading (CFTC), and Congress The States can build a dynamic digital asset environment while maintaining capital market integrity.
