Nasdaq informs the U.S. SEC: precise Crypto Assets labeling will be key to future regulation.

PANews reported on April 25 that the Nasdaq exchange sent a letter to the U.S. SEC’s crypto working group, advising the regulatory agency to cautiously delineate categories of digital assets and clarify the role of regulatory “referees.” The document, signed by Regulatory Affairs Director John Zecca, proposed four categories: first, financial securities tokens (such as tokens linked to stocks, bonds, and ETFs, which should be treated the same as the underlying assets), regulated by the SEC; second, digital asset investment contracts (tokenized contracts that meet the revised Howey test), subject to securities rules; third, digital asset commodities (meeting the definition of commodities in the U.S.), governed by the CFTC; and fourth, other digital assets (not falling into the first three categories, not forcibly subject to securities or commodity rules). The SEC and CFTC will collaborate to clarify regulatory boundaries, and new cryptocurrency laws may become a guiding basis. Nasdaq also suggested establishing cross-trading qualifications for multi-type asset handling platforms and emphasized its credibility in the digital asset field, calling for stronger safety constraints on companies that comprehensively handle investor activities to align with industry practices.