The Nasdaq stock exchange, in a letter dated April 25, 2025, recommended that the U.S. Securities and Exchange Commission (SEC) apply the same regulatory standards to crypto assets as it does to traditional financial instruments. The document emphasizes that tokens exhibiting characteristics of stocks should be regulated as securities regardless of their form—whether paper or digital.
This is reported by Business • Media
Call for Clear Classification and New Regulations
According to Nasdaq, the SEC needs to develop a clear classification for cryptocurrencies, specifically creating a separate category for “investment contracts in digital assets,” which would allow for streamlined regulation while maintaining appropriate oversight. The letter highlights that traditional financial infrastructure is already prepared for the integration of digital assets with proper regulation.
Changes in SEC Approaches and Regulatory Outlook
Following the appointment of the new SEC chair, Paul Atkins, on April 21, 2025, the regulator’s policy has undergone changes. Unlike the previous chair, Gary Gensler, who recognized certain tokens as securities, the current leader is narrowing the agency’s jurisdiction.
“Meme coins and stablecoins, under certain conditions, do not fall under regulation as investment contracts,” Nasdaq reports.
The document also notes that the SEC may review or revoke several regulatory documents and recommendations regarding the risks of crypto assets, including guidance on the application of the “Howey Test” for determining securities, which was published in 2019 and updated in 2024. It is believed that the traditional financial system is ready for the integration of digital assets, provided that proper regulation is in place, which will facilitate their legal and safe circulation.