币界网报道：Figure Markets Holdings, Inc. submitted several reports to the U.S. SEC Crypto Task Force in May 2025, proposing the use of its transferable par certificates called YLDS (Figure Transferable Certificates) as an optional mechanism for settling Bitcoin, Ethereum and other non-securities crypto assets on the Provenance blockchain. The report pointed out that YLDS is an interest debt security regulated by the Securities Act and the Investment Company Act, issued by a registered investment company and managed by a registered transfer agent, which can provide holders with AML/KYC compliance, account transparency and holder rights protection. In addition, the renewal of certificates requires that both parties have completed the registration statement review and passed the compliance account verification. Another submission suggested that FCC (Figure Certificate Company) does not need to perform AML/KYC on peer-to-peer trading objects because FCC itself is not a financial institution or its peer-to-peer objects are not its customers. This mechanism combines the transparency of L1 blockchain with traditional regulatory requirements, aiming to improve settlement efficiency and investor protection while avoiding defining the platform as a broker or exchange.