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 "text": "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.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
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 "citation": "Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054",
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 "abstract": "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.",
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