PANews reported on April 25 that according to CoinDesk, Nasdaq sent a letter to the US SEC Crypto Working Group, suggesting that regulators carefully classify digital assets and clarify the regulatory "referees". The document was signed by John Zecca, director of regulatory affairs, and proposed four categories: first, financial securities tokens (such as tokens linked to stocks, bonds, and ETFs, which should be treated equally with underlying assets), which are regulated by the SEC; second, digital asset investment contracts (tokenized contracts that meet the revised Howey test), which are subject to securities rules; third, digital asset commodities (which meet the US commodity definition) are under the jurisdiction of the CFTC; fourth, other digital assets (not included in the first three categories, and are not subject to securities or commodity rules). The SEC and CFTC will work together to clarify regulatory boundaries, and the new cryptocurrency law may become a guiding basis. Nasdaq also suggested the establishment of cross-trading qualifications for multi-type asset processing platforms, and emphasized its credibility in the field of digital assets, calling for companies that fully handle investor activities to strengthen security constraints and align with industry practices.