Nasdaq, the operator of one of the main US stock exchanges. UU. And a cryptography index, is advising the US regulators. UU. That is carefully concentrated in defining digital assets in four cubes that will clearly determine which agency acts as a referee, according to a 23 -page letter sent to the Crypto task force of the Commission of Securities and Securities.
“While an action of any other word would still be an action, the existing market ecosystem can easily absorb digital assets by establishing adequate taxonomy and calibrating certain rules to reflect what is really new and novel about digital assets,” argued the letter in response to the invitation issued by the head of the task force, Commissioner Hester Peirce, to weigh the future regulations.
The four future categories of digital assets, in Nasdaq’s opinion, should be:
- Financial values (tokens linked to assets that are under existing values, such as actions, bonds and funds quoted in the stock market (ETF), which Nasdaq said that it should be the same way as its underlying assets);
- Digital asset investment contracts (tokenized contracts that verify all securities boxes under a “clarified version” of the so -called Howey test of the Supreme Court);
- Digital Assets Products (comply with the definition of basic US products.)
- Other digital assets (things that do not fall anywhere else and should not have rules for values or products that are imposed)
The categories of values belong to the hands of the SEC, which will work with its cousin agency, the Basic Products Trade Commerce Commission, which will manage the basic products. These agencies, presumably directed at some point by a new cryptographic law born by Congress, will discover the precise border among their jurisdictions.
The letter, signed by John Zecca, the main executive of the company’s regulator, argued that “digital assets that constitute financial values must trade as they do today.”
Nasdaq also suggested that the two agencies must formulate a type of cross -trading designation for platforms that can handle investment contracts for digital assets, products and other types of assets under the same roof.
In the letter, Nasdaq stressed its credibility of digital assets, saying that its “trade and compensation services, market and trade surveillance, and central securities deposit technology admit digital asset platforms on six continents.” He argued that regulators should consider imposing security measures or greater limitations in companies that wish to handle investors from top to bottom, which is the common approach of existing cryptographic companies.
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