kaal:claim:5454054-028

A favorable legal assessment of LER depends on four design features holding simultaneously: non-transferability, absence of a secondary market, absence of fiat redemption, and consumptive utility.

Source quote, verbatim
Most important for a favorable legal assessment is LER non-transferability, no secondary market, no fiat redemption, and consumptive utility.
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
Classification

conditionsupport: arguedeconomicssystemic-risklaw-and-legal-systems

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