# kaal:claim:3411110-039

**Claim.** The Overstock structure fails to deliver investor privacy, because all existing broker-dealer customer agreements contain provisions allowing the broker-dealer to share the customer's identity, whereas ideally the individual's privacy would be contained.

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

**Holds when.**

- existing broker-dealer customer agreements

**Source quote.**

> For instance, all existing broker-dealer customer agreements included provisions which allows the broker-dealer to share the identity of the customer. Ideally, the privacy of the individual would be contained.

**From.** Wulf A. Kaal, Samuel Evans, *Blockchain-Based Securities Offerings* (2019), II. Overstock Blockchain Securities Offering, page 12

**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.** broker-dealer identity disclosure  (family: privacy-and-surveillance-risk)

**Topics.** consensus-and-security, economics

**Keywords.** privacy, broker-dealer, customer-identity, overstock, market-infrastructure

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