Nasdaq Tells SEC That Accurate Cryptocurrency Classification Will Play Key Role in Future Regulation
Jesse Hamilton | Edited by Parikshit Mishra Updated April 25, 2025, 7:26 pm Published April 25, 2025, 3:00 pm
In a 23-page letter sent to the Securities and Exchange Commission’s cryptocurrency working group, Nasdaq, the operator of one of the leading U.S. stock exchanges and a cryptocurrency index, advises U.S. regulators to focus on clearly defining digital assets, dividing them into four categories that would help determine which agency would serve as the arbitrator.
“While a stock by any other name will remain a stock, the current market ecosystem can easily integrate digital assets by establishing the right taxonomy and adapting rules that reflect the nature of new and innovative digital assets,” the letter said in response to an invitation from Commissioner Hester Peirce to comment on future regulation.
Nasdaq believes that future digital asset categories should include:
The classification of securities will be the responsibility of the SEC, which will interact with the Commodity Futures Trading Commission, which is responsible for commodities. These agencies will presumably at some point be subject to new cryptocurrency legislation being drafted by Congress, and will draw a clear line between their jurisdictions.
The letter, signed by John Zecca, the company’s chief regulator, argues that “digital assets that qualify as financial securities should be traded in the same way as they are today.”
Nasdaq also proposed that the two agencies create a kind of cross-trading designation for platforms that could handle contracts for investments in digital assets, commodities and other types of assets in one place.
In the letter, Nasdaq emphasizes its robustness in the digital asset space, arguing that its “trading and clearing services, market and trading oversight, and technology
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