# kaal:claim:5454054-021

**Claim.** 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.

**Type.** condition  **Support.** argued

**Holds when.**

- rewards issued as non-transferable credits or soulbound tokens

**Source quote.**

> 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, page 19

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

**Verify.** sha256 of source PDF `9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards.pdf

**Topics.** tokenomics, securities-law

**Keywords.** soulbound-tokens, non-transferability, mica, sec, utility-token

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/5583610-028
- supported_by: https://wulfkaal.github.io/claims/6244278-009

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