# kaal:claim:3411110-035

**Claim.** Using blockchain as a more efficient public offering medium will almost certainly require modifying the regulations governing the offering process, the processes for offering, settling, and administering securities, and the roles of market participants built up over decades.

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

**Holds when.**

- U.S. public offering infrastructure

**Source quote.**

> The utilization of blockchain as a more efficient and reliable public offering medium will almost certainly require modifying many of the (i) regulations applicable to the offering process

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), VI. Conclusion and Outlook, page 28

**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.** economics, securities-law

**Keywords.** regulatory-reform, market-participants, public-offerings, settlement

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