kaal:claim:5454054-022

The absence of fiat par-redemption combined with limited acceptance inside merchant ecosystems makes LER rewards closed-loop utilities, which is what removes their classification as electronic money tokens or securities.

Third, the absence of fiat par-redemption and limited acceptance within merchant ecosystems positions LER voucher loyalty rewards as closed-loop utilities. This removes their classification as electronic money tokens (EMTs) or securities, which, in turn, simplifys compliance.

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

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

• no redemption at par in fiat
• acceptance confined to qualifying merchants

conditionsupport: arguedsecurities-lawsystemic-riskcompliance

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