kaal:claim:5454054-026

Any drift toward transferability, voucher redemption at par, yield, or marketplace functionality would push LER into MiCA compliance obligations and, equivalently, into the UK EMR and PSR regimes and U.S. securities, money transmission, and market-structure perimeters.

Source quote, verbatim

Any perceived gravitation toward transferability, voucher par redemption, yield, or marketplace functionality may push LER into MiCA compliance requirements.

From

Wulf A. Kaal, Liquid Equity Rewards (2025), Regulatory Treatment of LER, p. 22
https://ssrn.com/abstract=5454054 · source PDF

Cite as

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

Holds when

EU, UK, and U.S. jurisdictions

Classification

failuresupport: arguedfailure: regulatory perimeter driftfamily: compliance-cost-and-barrier-to-entrydefisystemic-riskrisk-and-incentives

Verify

The quote above is an exact substring of the source PDF, whose sha256 is 9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/20f86cb29e9fb867...json
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