Nasdaq Exchange wrote to the US SEC Cryptocurrency Working Group, suggesting that regulatory agencies carefully classify digital assets and clarify the regulatory "arbitrator." The document was signed by regulatory affairs director John Zecca, proposing four classifications: first, financial securities tokens (such as tokens tied to stocks, bonds, ETFs, should be treated equally with underlying assets), under SEC regulation; second, digital asset investment contracts (tokenized contracts that meet the revised Howey test), subject to securities rules; third, digital asset commodities (meeting the US commodity definition), under CFTC jurisdiction; fourth, other digital assets (not included in the first three categories, not subject to mandatory securities or commodity rules). SEC and CFTC will work together to clarify regulatory boundaries, with new cryptocurrency laws potentially becoming a guide. Nasdaq also suggests establishing cross-trading qualification for platforms handling multiple types of assets, emphasizing its credibility in the digital asset field, calling for companies that handle investor activities comprehensively to strengthen security constraints and align with industry practices.