# kaal:claim:3411110-018

**Claim.** Neither the Overstock offering nor the Linq based offerings were structured to support widespread ownership or trading through blockchain, and no major exchange or inter-dealer market permits or will foreseeably permit trading of blockchain issued securities.

**Type.** failure  **Support.** argued

**Holds when.**

- U.S. exchanges and inter-dealer markets as of the time of writing

**Source quote.**

> no major exchange or inter- dealer market permits, or will permit in the foreseeable future, trading of securities issued through blockchain.

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), IV. Challenges for Existing Blockchain-Based Offerings, page 19

**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

**Failure mode.** no exchange venue for blockchain issued securities  (family: liquidity-and-market-structure-failure)

**Topics.** defi, economics

**Keywords.** exchange-access, liquidity, overstock, linq, market-structure

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.