# kaal:claim:5454054-040

**Claim.** LER reduces holder churn by 20 to 50 percent, increases merchant throughput through revenue-generating redemptions, and democratizes capital access, all within a risk-lite framework aligned with the GENIUS Act and MiCA.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- issuers operating LER within GENIUS Act and MiCA aligned designs

**Source quote.**

> LER reduces holder churn by 20-50%, boosts merchant throughput, and democratizes capital access, aligning with U.S. and EU regulations.

**From.** Wulf A. Kaal, *Liquid Equity Rewards* (2025), Abstract, page 1

**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.** institutional-design

**Keywords.** churn-reduction, merchant-throughput, financial-inclusion, genius-act, mica

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