# kaal:claim:3411110-022

**Claim.** 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.

**Type.** mechanism  **Support.** argued

**Holds when.**

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

**Source quote.**

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

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), V. Overcoming Regulatory Uncertainty, page 20

**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.** regulatory uncertainty chilling effect  (family: innovation-chilling)

**Topics.** innovation

**Keywords.** regulatory-uncertainty, chilling-effect, adoption, innovation-policy

**Related claims.**

- extends: https://wulfkaal.github.io/claims/3002908-003

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