# kaal:claim:3411110-027

**Claim.** Despite an early call for regulatory leadership from Commissioner Stein in 2015, the SEC has not addressed core recognition questions for blockchain in finance, including cryptocurrencies, tokens as securities, and DAOs as investment advisers.

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

**Holds when.**

- SEC action between 2015 and the time of writing

**Source quote.**

> Despite this early cautioning and call for action, the SEC has not yet addressed core issues pertaining to the recognition of blockchain technology applications in finance.

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), V.1 SEC, page 22

**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.** SEC recognition vacuum  (family: regulatory-lag)

**Topics.** securities-law, tokenomics, dao

**Keywords.** sec, tokens-as-securities, daos, regulatory-gap, guidance

**Related claims.**

- restates: https://wulfkaal.github.io/claims/3002908-011

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