# kaal:claim:3936876-006

**Claim.** Self-custody of securities declined in prevalence after the Stock Market Crash of 1929 because investors recognized how inherently risky the bearer certificate system was.

**Type.** mechanism  **Support.** asserted

**Holds when.**

- United States securities markets before and after 1929

**Source quote.**

> Self-custody decreased in prevalence after the Stock Market Crash of 1929 when investors recognized how inherently risky this system was.

**From.** Wulf A. Kaal, Hayley Howe, *Custody of Digital Assets* (2021), II.1 Custody Requirements for Traditional Assets, page 7

**Cite as.** Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876

**Verify.** sha256 of source PDF `9bc0903d01910460298e754c451f027df4324367359800a98ee8e638d94aff55` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Howe%20-%202021%20-%20Custody%20of%20Digital%20Assets.pdf

**Topics.** defi, securities-law, risk-and-incentives

**Keywords.** self-custody, securities-history, bearer-assets, risk

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