# Comparative regulation `kaal:entity:comparative-regulation` **Status.** derived This node is assembled mechanically from the 10 claims that carry the concept tag `comparative-regulation`. 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 10 claims across 2 works, 2010 to 2018. **2010** - [1558614-004](https://wulfkaal.github.io/claims/1558614-004) [mechanism/argued] -- Beliefs about whether markets fail are causally consequential rather than merely academic: bankers who believe markets fail invest more cautiously, and regulators who believe markets fail regulate more aggressively. > Bankers who believe that markets fail may be more cautious when investing in markets, and regulators who believe that markets fail may be more aggressive when regulating markets. Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614 - [1558614-010](https://wulfkaal.github.io/claims/1558614-010) [mechanism/argued] -- The same combination of substantive and procedural rules imposes different monitoring costs in different cultural settings, so a rule package that is cheap in one country can be expensive in another. > The cultural context also matters; a particular combination of substantive and procedural rules in one setting—for example, the U.S.—may result in a sharply rising solid line whereas the same combination in another setting Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614 - [1558614-012](https://wulfkaal.github.io/claims/1558614-012) [mechanism/argued] -- Hindsight bias exerts a stronger influence on how excessive risk is defined in countries culturally predisposed to dwell on their own past, while countries oriented toward a future unlike the past more easily dismiss earlier financial lessons as irrelevant. > Hindsight bias and other concep- tual approaches rooted in past experience—including valid lessons learned from past experience—may exert a more powerful influence in a country that is otherwise predisposed to be concerned with its past Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614 - [1558614-030](https://wulfkaal.github.io/claims/1558614-030) [mechanism/argued] *(failure mode)* -- The more a country leads in financial innovation, the more exposed its disclosure regime is to misrepresentation and fraud, which makes the U.S. regime more vulnerable than Germany's despite being formally stricter. > to the extent financial innovation in the United States is ahead of that in Germany, the U.S. disclosure regime may be more vulnerable to misrepresentation and fraud Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614 **2018** - [3117224-013](https://wulfkaal.github.io/claims/3117224-013) [empirical/evidenced] -- The top 25 ICO jurisdictions in this study are identified from ICO WatchList data, which ranks countries by the number of ICOs launched and reports how much was raised through those ICO projects. > To determine the ICO's used for this project, the author used data generated by ICO WatchList.1 ICO WatchList ranks countries by the number of ICO's launched and provides information as to how much was raised through these ICO projects. Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224 - [3117224-017](https://wulfkaal.github.io/claims/3117224-017) [empirical/evidenced] *(failure mode)* -- Although federal securities law is the main instrument countries use to regulate ICO technology, there is also concern about regulating exchanges, which may fall outside federal securities laws at least in part. > Although (federal) securities law is the main way countries are regulating this technology, there is also concern about the regulation of exchanges within such countries which may fall outside of the federal securities laws, at least in part. Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224 - [3117224-018](https://wulfkaal.github.io/claims/3117224-018) [empirical/evidenced] -- Few governments have prohibited financial investors from investing in ICOs, a greater number have suggested not taking part, and many have issued warnings without any recommendation to citizens either way. > Finally, few governments have prohibited financial investors from investing, but a greater number of governments have suggested not to take part. Many countries have issued warnings, but have not made a suggestion to its citizens as to whether to take part or not. Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224 - [3117224-038](https://wulfkaal.github.io/claims/3117224-038) [empirical/evidenced] -- Across the top 25 ICO jurisdictions the majority permit ICOs and cryptocurrencies or do not explicitly prohibit them, and only a very small minority has banned them outright. > The majority of the countries examined in this study permit ICO's and cryptocurrencies or do not explicitly prohibit them. Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224 - [3117224-039](https://wulfkaal.github.io/claims/3117224-039) [empirical/evidenced] -- World governments largely either apply existing laws to cryptocurrencies or wait to see how other countries react to the crypto evolution. > For the most part, the general view of the world governments appears to be that they are using existing laws to regulate cryptocurrencies or wait to see how other countries react to the crypto evolution. Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224 - [3117224-040](https://wulfkaal.github.io/claims/3117224-040) [empirical/argued] -- Regulatory efforts toward ICOs take several forms or permutations of them, including regulating ICOs, cryptocurrencies, and DLT, mandating compliance programs, and regulating exchanges. > Regulatory efforts can take several forms but appear to involve some of the following approaches or permutations thereof: regulating ICOs, regulating cryptocurrencies, regulating DLT, mandating compliance programs, regulating exchanges, Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224 ## 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/comparative-regulation.md | sha256sum **Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.