According to online reports, the Nasdaq Exchange sent a letter to the U.S. SEC Cryptography Working Group, recommending that regulators carefully classify digital asset categories and clarify the supervision "referees." The document was signed by John Zecca, director of regulatory affairs, and proposed four categories of divisions: first, financial securities tokens (For example, tokens linked to stocks, bonds, and ETFs should be treated in the same way as underlying assets) and subject to the supervision of the SEC; second, digital asset investment contracts (tokenized contracts that comply with the revised Howey test), subject to securities rules; third, digital asset commodities (meet the definition of a U.S. commodity), subject to the jurisdiction of the CFTC; fourth, other digital assets (not included in the first three categories, and securities or commodity rules are not mandatory). The SEC and CFTC will work together to clarify regulatory boundaries, and new cryptocurrency laws may serve as guidance. Nasdaq also suggested establishing cross-trading qualifications for multiple types of asset processing platforms, emphasizing its credibility in the field of digital assets, and calling for strengthening security constraints on companies that comprehensively handle investor activities and integrating with industry practices.