# kaal:claim:5454054-026

**Claim.** 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.

**Type.** failure  **Support.** argued

**Holds when.**

- EU, UK, and U.S. jurisdictions

**Source quote.**

> 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, page 22

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

**Verify.** sha256 of source PDF `9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards.pdf

**Failure mode.** regulatory perimeter drift  (family: compliance-cost-and-barrier-to-entry)

**Topics.** defi, systemic-risk, risk-and-incentives

**Keywords.** mica, regulatory-perimeter, transferability, yield, classification-risk

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