kaal:claim:5454054-024

Because LER vouchers are closed-loop and non-convertible, they reduce the risk of triggering FinCEN money services business registration and Bank Secrecy Act obligations that attach to convertible or transmissible digital value.

Source quote, verbatim

While convertible or transmissible digital value can trigger FinCEN MSB registration and BSA obligations, LER as closed-loop, non-convertible voucher rewards reduce that risk.

From

Wulf A. Kaal, Liquid Equity Rewards (2025), Securities Law (SEC), p. 24
https://ssrn.com/abstract=5454054 · source PDF

Cite as

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

Holds when

United States
vouchers not convertible or transmissible

Classification

conditionsupport: arguedsystemic-risk

Related claims

specializes kaal:claim:2998033-018 Under FinCEN guidance a mere user of virtual currency is not a money services business and faces no registrati...

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