# kaal:claim:3411110-033

**Claim.** Widespread retail investor trading of digital securities, including the ability to margin them, is the linchpin of survivability for blockchain based securities offerings; without retail access the technology may remain marginalized in the offering process.

**Type.** condition  **Support.** argued

**Holds when.**

- retail investor access on a widespread basis
- margining of digital securities permitted

**Source quote.**

> will be the linchpin of survivability and evolution of blockchain-based securities offerings. Without retail investor access, the technology may remain marginalized in the offering process.

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), VI. Conclusion and Outlook, page 29

**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.** securities-law

**Keywords.** retail-investors, margining, adoption, digital-securities, survivability

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