# kaal:claim:3411110-015

**Claim.** If blockchain pushes settlement finality into the seconds range, the entire regulatory infrastructure built to address counterparty and systemic risk would have to be reformed, and most systemic risk and counterparty risk regulation would become unnecessary.

**Type.** predictive  **Support.** argued

**Holds when.**

- settlement finality in the seconds range
- blockchain based settlement adopted at scale

**Source quote.**

> Arguably the entire regulatory infrastructure that has been tailored to address counterparty- and systemic risk would need to be reformed if settlement finality can be increased to the seconds range with blockchain technology.

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), III.3 Reduced Settlement Cycle, page 16

**Cite as.** Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110

**Verify.** sha256 of source PDF `c7626eeb7642045b79f8745df1f7232a8fe8bc44a1f7e87b592850e35b392b50` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Evans%20-%202019%20-%20Blockchain-Based%20Securities%20Offerings.pdf

**Topics.** systemic-risk, risk-and-incentives

**Keywords.** regulatory-reform, systemic-risk, settlement-finality, counterparty-risk

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