# kaal:claim:3606663-014

**Claim.** Regulatory uncertainty is curtailing the growth of the digital asset industry because investor classes across the spectrum, from retail investors to the largest institutions, are hesitant to participate while the legal treatment of digital assets remains unclear.

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

**Holds when.**

- early 2020s digital asset market
- absence of sufficient regulatory guidance

**Source quote.**

> The regulatory uncertainty in the market for digital assets is curtailing the growth of the industry. Many investor classes - from retail to the largest institutions - are hesitant to participate in the market because of the regulatory uncertainty.

**From.** Kaal, *Digital Asset Market Evolution* (2020), 4. Regulatory Uncertainty, page 37

**Cite as.** Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

**Verify.** sha256 of source PDF `d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202020%20-%20Digital%20Asset%20Market%20Evolution.pdf

**Failure mode.** regulatory uncertainty suppresses participation  (family: innovation-chilling)

**Topics.** economics, institutional-design

**Keywords.** regulatory-uncertainty, digital-assets, market-growth, institutional-investors, investor-participation

**Related claims.**

- extended_by: https://wulfkaal.github.io/claims/3808873-006

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