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.

Source quote, verbatim
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.
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
Classification

conditionsupport: arguedsecurities-lawsystemic-riskcompliance

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