# kaal:claim:5454054-028

**Claim.** 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.

**Type.** condition  **Support.** argued

**Holds when.**

- EU, UK, and U.S. jurisdictions

**Source quote.**

> 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, 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

**Topics.** economics, systemic-risk, law-and-legal-systems

**Keywords.** non-transferability, secondary-market, fiat-redemption, consumptive-utility, legal-classification

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