CTF Written Submission

Re: The Use of YLDS Trading Pairs as a Settlement Mechanism for Non-Security Transactions

May 16, 2025
  • The use of YLDS trading pairs as a settlement mechanism for non-security crypto transactions does not require the registration of the Crypto Platform as a broker, securities exchange, or alternative trading system (ATS).
  • YLDS are registered under the U.S. Securities Act of 1933 and the Investment Company Act of 1940, providing holders with protections and disclosures under federal securities laws.
  • The Crypto Platform facilitates peer-to-peer transactions in non-security crypto assets, and the use of YLDS as a settlement mechanism is optional and does not constitute "effecting" transactions in securities.

Last Reviewed or Updated: May 16, 2025