kaal:claim:5454054-021

Making LER rewards utility-only and non-transferable, in the manner of soulbound tokens, is what keeps them functioning as loyalty incentives rather than speculative assets and is what aligns them with MiCA and SEC exemptions.

Source quote, verbatim

Second, LER voucher rewards are utility-only and non-transferable, similar to soulbound tokens (SBTs). This ensures they function as voucher loyalty incentives rather than speculative assets, thus aligning with regulatory exemptions under MiCA and SEC frameworks.

From

Wulf A. Kaal, Liquid Equity Rewards (2025), LER as an Airdrop Mechanism for Dividend-Like Voucher Utilities, p. 19
https://ssrn.com/abstract=5454054 · source PDF

Cite as

Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

Holds when

rewards issued as non-transferable credits or soulbound tokens

Classification

conditionsupport: arguedtokenomicssecurities-law

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