纳斯达克公开雄心勃勃的数字资产集成框架

纳斯达克公司（NASDAQ Inc.）提出了一个全面的新监管框架，旨在将数字资产纳入现有的美国资本市场而不会损害投资者的保护。

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

纳斯达克（NASDAQ）带领数字资产的未来具有新的监管框架，以将加密货币无缝整合到美国资本市场。

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.

纳斯达克执行副总裁兼全球局长法律，风险和监管官员约翰·Zecca（John A. Zecca）在给SEC秘书Vanessa Countryman的一封信中，该信被视为Bydecrypt，并提出了一种结构化的分类法和现代化的贸易系统。

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断言，将明确的资产分类作为未来数字资产监管的基石：“成功的分类法包括明确的类别和少量标准，以及随着行业发展而发展变化的过程。”

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

这种分类学对于与现有的美国资本市场法规无缝整合至关重要，并确保与全球监管框架的兼容性。

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

纳斯达克的提议提出了一个四层系统，从熟悉的领土开始：金融证券。

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

这些也将受到传统的监管要求，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在信中说：“无论是采取纸张份额的形式，数字份额还是代币的形式，仪器的基本性质保持不变，应以相同的方式进行交易和监管。”

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，美国财政债券的令牌版仍然是财务安全，但与传统财政债券相同的方式受到SEC法规的约束。

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.

在信函中涵盖的第二层和与DEFI相关的第二层将是“数字资产投资合同”，本质上是投资级令牌，例如分散财务（DEFI）协议中使用的标记。

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

这些将属于更轻松的监管足迹，重点介绍完整，公平和及时的披露和反欺诈条款。

"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.

信中说：“ SEC员工可以与申请人合作，以确定特定的数字资产是否更适当地归类为金融安全或数字资产投资合同。”

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.

在信函中涵盖的第三层和与DEFI相关的层将是“数字资产投资合同”，本质上是投资级令牌，如分散财务（DEFI）协议中使用的标记。

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

这些将属于更轻松的监管足迹，重点介绍完整，公平和及时的披露和反欺诈条款。

"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.

信中说：“ SEC员工可以与申请人合作，以确定特定的数字资产是否更适当地归类为金融安全或数字资产投资合同。”

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.

在信函中涵盖的第三层和与DEFI相关的层将是“数字资产投资合同”，本质上是投资级令牌，如分散财务（DEFI）协议中使用的标记。

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

这些将属于更轻松的监管足迹，重点介绍完整，公平和及时的披露和反欺诈条款。

"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.

信中说：“ SEC员工可以与申请人合作，以确定特定的数字资产是否更适当地归类为金融安全或数字资产投资合同。”

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.

在信函中涵盖的第三层和与DEFI相关的层将是“数字资产投资合同”，本质上是投资级令牌，如分散财务（DEFI）协议中使用的标记。

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

这些将属于更轻松的监管足迹，重点介绍完整，公平和及时的披露和反欺诈条款。

"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.

信中说：“ SEC员工可以与申请人合作，以确定特定的数字资产是否更适当地归类为金融安全或数字资产投资合同。”

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.

在信函中涵盖的第三层和与DEFI相关的层将是“数字资产投资合同”，本质上是投资级令牌，如分散财务（DEFI）协议中使用的标记。

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

这些将属于更轻松的监管足迹，重点介绍完整，公平和及时的披露和反欺诈条款。

"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.

信中说：“ SEC工作人员可以与申请人合作，以确定特定资产是否更适当地归类为金融安全或数字资产投资合同。”

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."

第四层将涵盖“其他数字资产”，例如比特币或以太，这些资产将在称为“ ATS-Digital”或“ ATS-D”的专业交易场所进行交易。

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

该场所将以更轻松的监督工作，重点关注基于风险的披露和强大的风险管理框架。

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

最后，纳斯达克提出了一种自愿的安全港机制，用于不整齐地适合现有分类的数字资产。

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

这个安全港将允许在监管机构最终确定资产名称的同时进行基于风险的披露的交易。

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

Zecca总结说：“创新必须为投资者的利益提供服务，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.

建议在SEC，商品期货交易委员会（CFTC）和国会之间进行协调的努力，纳斯达克表明，美国可以在维持其市场的完整性和弹性的同时促进美国可以促进动态的数字资产环境。

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

该信总结说：“委员会可以为将数字资产技术纳入资本市场建立有吸引力的途径。”