{
 "@context": "https://schema.org",
 "@type": "Claim",
 "@id": "https://wulfkaal.github.io/claims/5454054-026",
 "identifier": "kaal:claim:5454054-026",
 "text": "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.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "citation": "Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054",
 "isBasedOn": {
  "@type": "ScholarlyArticle",
  "name": "Liquid Equity Rewards",
  "datePublished": "2025",
  "url": "https://ssrn.com/abstract=5454054",
  "sha256": "9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6",
  "encoding": "https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards.pdf"
 },
 "keywords": [
  "defi",
  "systemic-risk",
  "risk-and-incentives"
 ],
 "about": [
  "mica",
  "regulatory-perimeter",
  "transferability",
  "yield",
  "classification-risk"
 ],
 "abstract": "Any perceived gravitation toward transferability, voucher par redemption, yield, or marketplace functionality may push LER into MiCA compliance requirements.",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "claim_type",
   "value": "failure"
  },
  {
   "@type": "PropertyValue",
   "name": "confidence",
   "value": "argued"
  },
  {
   "@type": "PropertyValue",
   "name": "scope_conditions",
   "value": [
    "EU, UK, and U.S. jurisdictions"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "is_failure_mode",
   "value": true
  },
  {
   "@type": "PropertyValue",
   "name": "attestations",
   "value": "https://wulfkaal.github.io/colloquium/attestations/20f86cb29e9fb86746793d32ef0aa0caf8e4001123b95dde2c1c11b219439fb1.json"
  },
  {
   "@type": "PropertyValue",
   "name": "edges",
   "value": []
  }
 ],
 "isPartOf": {
  "@id": "https://wulfkaal.github.io/claims/index.json"
 },
 "dateModified": "2026-07-27",
 "version": "1.0",
 "sha256": "20f86cb29e9fb86746793d32ef0aa0caf8e4001123b95dde2c1c11b219439fb1",
 "canonicalForm": "https://wulfkaal.github.io/claims/5454054-026.md"
}