Nasdaq Proposes New Framework to Bring Crypto Into U.S. Markets
Nasdaq has put forward an ambitious new plan to bring digital assets into the U.S. capital markets while ensuring investor protections remain intact.
In an official letter to the SEC, dated April 25, Nasdaq’s top regulatory executive John A. Zecca outlined a detailed approach to classify and regulate digital assets under a modernized structure.
At the heart of Nasdaq’s proposal is a new taxonomy — a four-tier system that would separate digital assets into Financial Securities, Digital Asset Investment Contracts, Digital Asset Commodities, and Other Digital Assets. Nasdaq argues that even if a security is tokenized, its fundamental nature doesn’t change and should still be subject to traditional regulations.
To further support digital asset innovation without compromising market safeguards, Nasdaq proposed the creation of a specialized trading platform dubbed “ATS-Digital” (or “ATS-D”). This venue would allow commodities, investment contracts, and unclassified digital assets to be traded under a framework that balances lighter oversight with strong investor protections.
Recognizing that some emerging assets may not fit existing categories right away, Nasdaq also recommended a voluntary “safe harbor” that would permit trading based on risk disclosures while regulators continue to refine classification rules. Zecca emphasized that technological innovation must never come at the expense of investor trust and security.
Finally, Nasdaq urged collaboration among the SEC, the CFTC, and Congress to build a unified regulatory path that integrates digital asset technologies into the broader financial system. According to Zecca, this coordinated effort could solidify the U.S. as a leader in digital finance while preserving the resilience of traditional markets.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
