Subject: File No. S7-2026-09
From: SY L

Does your position-that promises made by project parties in their whitepapers may turn a non-security token sale into a securities offering-encourage project parties to make as few commitments as possible in their whitepapers? And does it discourage cryptocurrency exchanges from listing tokens from projects that have not yet fulfilled their whitepaper commitments, given that the process of fulfilling those commitments in the future might result in the tokens being classified as securities?