# kaal:claim:5454054-037

**Claim.** Regulatory uncertainty, in particular the timeline for SEC approval of the NASDAQ and Dinari tokenization frameworks, could delay LER implementation.

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

**Holds when.**

- pending SEC approval of tokenized securities trading

**Source quote.**

> Regulatory uncertainties, such as the timeline for SEC approval for NASDAQ and Dinari frameworks could delay LER implementation.

**From.** Wulf A. Kaal, *Liquid Equity Rewards* (2025), Market and Operational Benefits, page 21

**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.** SEC approval timeline delay  (family: regulatory-lag)

**Topics.** securities-law, risk-and-incentives

**Keywords.** sec-approval, regulatory-delay, nasdaq, implementation-risk

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