kaal:claim:3936876-007

The paper certificate system failed at scale: trust companies and intermediaries were overwhelmed by changing ownership records, and from 1967 to 1970 a reported $400 million in securities was lost or stolen.

The trust companies and intermediaries quickly became overwhelmed with changing ownership records, and from 1967 to 1970, a reported $400 million was lost or stolen in securities.

Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021), II.1 Custody Requirements for Traditional Assets, p. 8
https://ssrn.com/abstract=3936876 · source PDF

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

• United States securities markets, 1967 to 1970

failuresupport: evidencedfailure: paperwork crisisfamily: scalability-and-throughput-limitsecurities-lawdefi

The quote above is an exact substring of the source PDF, whose sha256 is 9bc0903d01910460298e754c451f027df4324367359800a98ee8e638d94aff55. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/c87a392d56def995...json
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