# Broker dealer

`kaal:entity:broker-dealer`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `broker-dealer`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

3 claims across 2 works, 2019 to 2022.

**2019**

- [3411110-006](https://wulfkaal.github.io/claims/3411110-006) [definitional/argued] -- The defining legal difference between the Overstock offering and a traditional offering is that the purchaser had to hold the record directly as beneficial owner and could not delegate custody to the broker, so the securities were not held in street name.
  > The core difference between the OSTK offering and a traditional securities offering is that the purchaser of OSTK must hold the record directly and as beneficial owner of the securities could not delegate the authority to hold the securities to the broker
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110
- [3411110-039](https://wulfkaal.github.io/claims/3411110-039) [failure/argued] *(failure mode)* -- The Overstock structure fails to deliver investor privacy, because all existing broker-dealer customer agreements contain provisions allowing the broker-dealer to share the customer's identity, whereas ideally the individual's privacy would be contained.
  > For instance, all existing broker-dealer customer agreements included provisions which allows the broker-dealer to share the identity of the customer. Ideally, the privacy of the individual would be contained.
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110

**2022**

- [4033886-031](https://wulfkaal.github.io/claims/4033886-031) [mechanism/argued] *(failure mode)* -- Because digital asset exchanges perform both the traditional broker dealer function and the custody function, they face uncertainties and increased liability that traditional exchanges, which never touch custody, do not bear.
  > By having the crypto exchange perform the services of a traditional broker/dealer and custody holder, digital asset exchanges face uncertainties and increased liability that do not impact traditional exchanges.124
  Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/broker-dealer.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.