Nasdaq has called on the US Securities and Exchange Commission (SEC) to regulate certain digital assets as financial securities in a recent comment letter dated April 25. The exchange stressed the need for a clearer classification of cryptocurrencies, proposing that some tokens be classified as financial securities. Nasdaq argued that the underlying nature of an instrument remains unchanged regardless of whether it is represented in tokenized form. They suggested that while these assets should be regulated similarly to traditional securities, a subset of cryptocurrencies could be labeled as 'digital asset investment contracts' and face lighter regulation while still under SEC oversight. Since the Trump administration, the SEC's position on cryptocurrency oversight has evolved, with former Chair Gary Gensler asserting that most cryptocurrencies are deemed investment contracts. Under the current chair, the SEC has narrowed its focus, offering guidance that could affect how certain memecoins and stablecoins are classified under US law.

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