In a letter dated April 25, 2025, the Nasdaq stock exchange urged the U.S. Securities and Exchange Commission (SEC) to establish the same regulatory standards for crypto assets as for traditional financial instruments. Exchange representatives emphasized that tokens exhibiting characteristics of stocks should be regulated in the same manner as securities, regardless of their form—whether paper or digital.
This is reported by Finway
Nasdaq also highlighted the need for a clear classification for cryptocurrencies. The document discusses the appropriateness of creating a category for “investment contracts in digital assets,” to which simplified regulation could apply while maintaining overall oversight.
Changes in Crypto Asset Regulation
Following Donald Trump’s assumption of the presidency, the SEC’s oversight policy underwent significant changes. The new head of the agency, Paul Atkins, who took office on April 21, 2025, is reshaping the SEC’s jurisdiction, in contrast to the previous leadership of Gary Gensler, under which certain tokens were classified as securities. Currently, meme coins and stablecoins, under certain conditions, do not fall under regulation as investment contracts.
Review of Previous SEC Guidelines
Earlier reports indicated that the SEC would review or rescind a number of guidelines and statements regarding the risks of crypto assets. This particularly pertains to the guidance on applying the “Howey Test” to crypto assets, a document published in 2019 and updated in 2024. The SEC has repeatedly referenced it in court cases, defining crypto assets as investment contracts.
In its letter, Nasdaq also noted that the traditional financial infrastructure is ready for the integration of digital assets, provided that the rules are properly set.