kaal:claim:3411110-022

Regulatory uncertainty produces a chilling effect: because early adopters must apply traditional law to novel instruments and cannot reach a comfortable level of certainty, legacy businesses hold back from adoption.

As a result, there is a chilling effect over the industry where legacy businesses are weary to adopt because of regulatory uncertainty.

Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019), V. Overcoming Regulatory Uncertainty, p. 20
https://ssrn.com/abstract=3411110 · source PDF

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

• current U.S. regulatory climate for tokens and digital securities

mechanismsupport: arguedfailure: regulatory uncertainty chilling effectfamily: innovation-chillinginnovation

• extends kaal:claim:3002908-003 Regulatory uncertainty in this transitional era actively frustrates blockchain innovation rather than supplyin...

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• Qualification: BLOCKCHAIN GOVERNANCE MECHANISMS FOR MICRO LEVEL INNOVATION