納斯達克公開雄心勃勃的數字資產集成框架

納斯達克公司（NASDAQ Inc.）提出了一個全面的新監管框架，旨在將數字資產納入現有的美國資本市場而不會損害投資者的保護。

Nasdaq is spearheading the future of digital assets with a new regulatory framework to seamlessly integrate crypto into U.S. capital markets.

納斯達克（NASDAQ）帶領數字資產的未來具有新的監管框架，以將加密貨幣無縫整合到美國資本市場。

In a letter to SEC Secretary Vanessa Countryman dated April 25, which was viewed byDecrypt,Nasdaq’s executive vice president and global chief legal, risk, and regulatory officer, John A. Zecca, proposed a structured taxonomy and modernized trading systems.

納斯達克執行副總裁兼全球局長法律，風險和監管官員約翰·Zecca（John A. Zecca）在給SEC秘書Vanessa Countryman的一封信中，該信被視為Bydecrypt，並提出了一種結構化的分類法和現代化的貿易系統。

Framing clear asset classification as the cornerstone of future digital asset regulation, Zecca asserted, “A successful taxonomy would include clear categories and a small number of criteria, as well as a process to manage change going forward as the industry evolves.”

Zecca斷言，將明確的資產分類作為未來數字資產監管的基石：“成功的分類法包括明確的類別和少量標準，以及隨著行業發展而發展變化的過程。”

This taxonomy would be crucial for seamless integration with existing U.S. capital market regulations and ensure compatibility with global regulatory frameworks.

這種分類學對於與現有的美國資本市場法規無縫整合至關重要，並確保與全球監管框架的兼容性。

Nasdaq's proposal suggests a four-tier system, beginning with familiar territory: Financial Securities.

納斯達克的提議提出了一個四層系統，從熟悉的領土開始：金融證券。

These would be subject to traditional regulatory requirements, even in tokenized form.

這些也將受到傳統的監管要求，即使以令牌化形式。

"Whether it takes the form of a paper share, a digital share, or a token, an instrument’s underlying nature remains the same and it should be traded and regulated in the same ways," Zecca stated in the letter.

Zecca在信中說：“無論是採取紙張份額的形式，數字份額還是代幣的形式，儀器的基本性質保持不變，應以相同的方式進行交易和監管。”

For instance, a tokenized version of a U.S. Treasury bond would still be a Financial Security, subject to SEC regulation in the same manner as a traditional Treasury bond.

例如，美國財政債券的令牌版仍然是財務安全，但與傳統財政債券相同的方式受到SEC法規的約束。

The second tier, covered in the letter and relevant to DEFI, would be "Digital Asset Investment Contracts," essentially investment-grade tokens like those used in decentralized finance (DeFi) protocols.

在信函中涵蓋的第二層和與DEFI相關的第二層將是“數字資產投資合同”，本質上是投資級令牌，例如分散財務（DEFI）協議中使用的標記。

These would fall under a lighter regulatory footprint, focusing on full, fair, and timely disclosure and anti-fraud provisions.

這些將屬於更輕鬆的監管足跡，重點介紹完整，公平和及時的披露和反欺詐條款。

"The SEC staff could work with applicants to determine if a particular digital asset is more appropriately classified as a Financial Security or a Digital Asset Investment Contract," the letter stated.

信中說：“ SEC員工可以與申請人合作，以確定特定的數字資產是否更適當地歸類為金融安全或數字資產投資合同。”

The third tier, covered in the letter and relevant to DEFI, would be "Digital Asset Investment Contracts," essentially investment-grade tokens like those used in decentralized finance (DeFi) protocols.

在信函中涵蓋的第三層和與DEFI相關的層將是“數字資產投資合同”，本質上是投資級令牌，如分散財務（DEFI）協議中使用的標記。

These would fall under a lighter regulatory footprint, focusing on full, fair, and timely disclosure and anti-fraud provisions.

這些將屬於更輕鬆的監管足跡，重點介紹完整，公平和及時的披露和反欺詐條款。

"The SEC staff could work with applicants to determine if a particular digital asset is more appropriately classified as a Financial Security or a Digital Asset Investment Contract," the letter stated.

信中說：“ SEC員工可以與申請人合作，以確定特定的數字資產是否更適當地歸類為金融安全或數字資產投資合同。”

The third tier, covered in the letter and relevant to DEFI, would be "Digital Asset Investment Contracts," essentially investment-grade tokens like those used in decentralized finance (DeFi) protocols.

在信函中涵蓋的第三層和與DEFI相關的層將是“數字資產投資合同”，本質上是投資級令牌，如分散財務（DEFI）協議中使用的標記。

These would fall under a lighter regulatory footprint, focusing on full, fair, and timely disclosure and anti-fraud provisions.

這些將屬於更輕鬆的監管足跡，重點介紹完整，公平和及時的披露和反欺詐條款。

"The SEC staff could work with applicants to determine if a particular digital asset is more appropriately classified as a Financial Security or a Digital Asset Investment Contract," the letter stated.

信中說：“ SEC員工可以與申請人合作，以確定特定的數字資產是否更適當地歸類為金融安全或數字資產投資合同。”

The third tier, covered in the letter and relevant to DEFI, would be "Digital Asset Investment Contracts," essentially investment-grade tokens like those used in decentralized finance (DeFi) protocols.

在信函中涵蓋的第三層和與DEFI相關的層將是“數字資產投資合同”，本質上是投資級令牌，如分散財務（DEFI）協議中使用的標記。

These would fall under a lighter regulatory footprint, focusing on full, fair, and timely disclosure and anti-fraud provisions.

這些將屬於更輕鬆的監管足跡，重點介紹完整，公平和及時的披露和反欺詐條款。

"The SEC staff could work with applicants to determine if a particular digital asset is more appropriately classified as a Financial Security or a Digital Asset Investment Contract," the letter stated.

信中說：“ SEC員工可以與申請人合作，以確定特定的數字資產是否更適當地歸類為金融安全或數字資產投資合同。”

The third tier, covered in the letter and relevant to DEFI, would be "Digital Asset Investment Contracts," essentially investment-grade tokens like those used in decentralized finance (DeFi) protocols.

在信函中涵蓋的第三層和與DEFI相關的層將是“數字資產投資合同”，本質上是投資級令牌，如分散財務（DEFI）協議中使用的標記。

These would fall under a lighter regulatory footprint, focusing on full, fair, and timely disclosure and anti-fraud provisions.

這些將屬於更輕鬆的監管足跡，重點介紹完整，公平和及時的披露和反欺詐條款。

"The SEC staff could work with applicants to determine if a particular asset is more appropriately classified as a Financial Security or a Digital Asset Investment Contract," the letter stated.

信中說：“ SEC工作人員可以與申請人合作，以確定特定資產是否更適當地歸類為金融安全或數字資產投資合同。”

The fourth tier would encompass "Other Digital Assets," such as bitcoin or ether, which would be traded in a specialized trading venue called "ATS-Digital" or "ATS-D."

第四層將涵蓋“其他數字資產”，例如比特幣或以太，這些資產將在稱為“ ATS-Digital”或“ ATS-D”的專業交易場所進行交易。

This venue would operate with even lighter oversight, focusing on risk-based disclosures and a robust risk management framework.

該場所將以更輕鬆的監督工作，重點關注基於風險的披露和強大的風險管理框架。

Finally, Nasdaq proposed a voluntary safe harbor mechanism for digital assets that do not fit neatly into existing classifications.

最後，納斯達克提出了一種自願的安全港機制，用於不整齊地適合現有分類的數字資產。

This safe harbor would allow trading under risk-based disclosures while regulators finalize asset designations.

這個安全港將允許在監管機構最終確定資產名稱的同時進行基於風險的披露的交易。

"Innovation must serve the interests of investors, and not the other way around," Zecca concluded.

Zecca總結說：“創新必須為投資者的利益提供服務，而不是相反。”

Recommending coordinated efforts between the SEC, the Commodities Futures Trading Commission (CFTC), and Congress, Nasdaq expressed confidence that the U.S. could foster a dynamic digital asset environment while maintaining the integrity and resilience of its markets.

建議在SEC，商品期貨交易委員會（CFTC）和國會之間進行協調的努力，納斯達克表明，美國可以促進動態的數字資產環境，同時保持其市場的完整性和韌性。

"The Commission can establish an attractive path for integrating digital asset technology into the capital markets," the letter concluded.

該信總結說：“委員會可以為將數字資產技術納入資本市場建立有吸引力的途徑。”