Nasdaq, the operator of one of the leading US stock exchanges and a crypto index, advises US regulators to carefully focus on defining digital assets in four buckets that will clearly decide which agency acts as a judge, according to a 23-page letter sent to securities and the crypto-task force.

“While a stock of any other word would still be a stock, the existing market ecosystem can easily absorb digital assets by establishing the correct taxonomy and calibrating certain rules to reflect what is really new and new about digital assets,” argued the letter in response to the invitation issued by Taskforce’s chief, Commissioner Peirce,

The four future categories of digital assets, in Nasdaq’s view, should be:

• Financial securities (Tokens tied to assets that are securities under existing definitions, such as shares, bonds and stock exchange (ETFs), which Nasdaq said should be treated exactly the same as their underlying assets);
• Digital Asset Investment Contracts (tokenized contracts that check all securities boxes under a “clarified version” of the Supreme Court’s so-called Howey Test);
• Digital active raw materials (meeting the US definition of raw materials)
• Other digital assets (things that do not fall anywhere else and should not have rules for securities or ingredients imposed on it)

The Securities categories hear in the hands of SEC, which will collaborate with his cousin Agency, Commodity Futures Trading Commission, which will handle raw materials. These agencies – presumably at some point corrected by a new crypto rooting, which is wasted by Congress – will find out the exact boundary between their jurisdictions.

The letter, signed by John Zecca, the company’s chief regulator manager, claimed that “digital assets that make up financial securities must trade as they do today.”

Nasdaq also suggested that the two agencies should formulate a kind of crossover trading designation for platforms that can handle digital asset investment contracts, raw materials and other types of assets under one roof.

In the letter, Nasdaq emphasized its credibility with digital assets and said its “trade and clearing services, market and trade monitoring and central securities Depository Technology supports digital assets platforms on six continents.” It claimed that the regulators should consider introducing security measures or additional restrictions on companies that want to handle investors’ activity from top to bottom, which is the common approach from existing cryptic companies.

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