One of the fundamental problems with former SEC Chair Gensler's approach to the regulation of digital assets is that he essentially assumed that any asset that was purchased with the hope of profit was per se a security. But that just isn't so. Many assets are purchased in the hope of profit rather than use—for example, real estate, art, tickets to see Taylor Swift—are not securities. Unfortunately, Mr. Gensler refused to undertake the exercise of explaining which assets that are…

It is notable that the proposed legislation would not impact either contracts based on political events or contracts that have no relationship to traditional measures of value, such as who will perform at an entertainment event.  

One would think that Congress has more substantive things to do than ban events that are unlikely to happen in the absence of the ban.  

Nasdaq is demonstrating that no substantive rule changes are needed to allow tokenized securities in a fungible manner with traditional securities.