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