# kaal:claim:4033886-029

**Claim.** Legal uncertainty about crypto exchanges exerts a chilling effect on the market, and increased liquidity may follow once the market gains greater clarity on the legal issues surrounding this asset class.

**Type.** predictive  **Support.** argued

**Holds when.**

- resolution of broker dealer status and securities law classification questions

**Source quote.**

> Once the market gains greater clarity on the legal issues surrounding this new asset class, increased liquidity in the market may follow.

**From.** Wulf A. Kaal, Samuel Evans, Hayley Howe, *Digital Asset Valuation* (2022), IV.1 Market Pricing, page 30

**Cite as.** Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886

**Verify.** sha256 of source PDF `52ba05b1292b1be4bfaf1ee5cf56b14fea9c196d870603e794d7ee316df129bd` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20et%20al.%20-%202022%20-%20Digital%20Asset%20Valuation.pdf

**Topics.** law-and-legal-systems, defi, securities-law

**Keywords.** legal-uncertainty, liquidity, chilling-effect, securities-law

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