{
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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/crypto-assets",
 "identifier": "kaal:entity:crypto-assets",
 "name": "Crypto assets",
 "termCode": "crypto-assets",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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    "2017",
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998033-012",
   "identifier": "kaal:claim:2998033-012",
   "text": "The SEC's denial of the Winklevoss Bitcoin exchange traded fund on grounds of susceptibility to fraud reflects the agency's distrust of the crypto asset class as a whole, and especially of funds that trade digital currencies.",
   "abstract": "The SEC's decision regarding the Bitcoin ETF reflects its distrust towards the crypto asset class as a whole, especially funds attempting to trade digital currencies.",
   "citation": "Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033",
   "datePublished": "2017",
   "claim_type": "empirical",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [],
   "source_pdf_sha256": "aafb1be3c25cd33da477d759df9ca2f856f0a8fe133d6396da2e75d0af573dbd",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998033-038",
   "identifier": "kaal:claim:2998033-038",
   "text": "The predominant uses of blockchain technology in the private investment fund industry originate in holding crypto assets of various kinds, which indicates that the technology plays its primary role in front office and investment functions rather than in back office administration.",
   "abstract": "Figures 7 and 8 suggest that the private investment funds industry's predominant uses of blockchain technology originate in holding crypto assets of different kinds. This would suggest that blockchain technology plays a primary role in front office and investment functions.",
   "citation": "Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033",
   "datePublished": "2017",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "based on word cluster coding of fund marketing materials for n=74 funds"
   ],
   "source_pdf_sha256": "aafb1be3c25cd33da477d759df9ca2f856f0a8fe133d6396da2e75d0af573dbd",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3002908-030",
   "identifier": "kaal:claim:3002908-030",
   "text": "Larger European private fund advisers implement more conservative investment strategies, using blockchain technology predominantly to invest in and secure crypto assets.",
   "abstract": "The data seems to suggest that the larger European private fund advisers implement more conservative investment strategies and use the technology predominantly to invest in- and secure crypto assets.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908",
   "datePublished": "2017",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "based on the nine term cluster coding of fund marketing language, n equals 74 strategies"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3411110-028",
   "identifier": "kaal:claim:3411110-028",
   "text": "The SEC's rejection of the Winklevoss Bitcoin ETF, reasoned on Bitcoin's unregulated nature and susceptibility to fraud, reflects agency distrust of the crypto asset class as a whole rather than a narrow product objection.",
   "abstract": "The SEC's decision regarding the Bitcoin ETF reflects its distrust towards the crypto asset class as a whole, especially funds attempting to trade digital currencies.",
   "citation": "Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110",
   "datePublished": "2019",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "SEC order disapproving the Winklevoss Bitcoin Trust listing"
   ],
   "source_pdf_sha256": "c7626eeb7642045b79f8745df1f7232a8fe8bc44a1f7e87b592850e35b392b50",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5454054-029",
   "identifier": "kaal:claim:5454054-029",
   "text": "BaFin applies substance over form, so transferable, tradable, or profit-oriented reward units risk classification as crypto-assets or financial instruments in Germany, potentially triggering licensing obligations such as crypto custody or proprietary trading.",
   "abstract": "BaFin applies substance-over-form. This means that transferable, tradable, or profit-oriented reward units risk classification as crypto-assets/financial instruments, potentially implicating licensing (e.g., crypto custody, proprietary trading).",
   "citation": "Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054",
   "datePublished": "2025",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "Germany",
    "reward units that are transferable, tradable, or profit-oriented"
   ],
   "source_pdf_sha256": "9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5554218-027",
   "identifier": "kaal:claim:5554218-027",
   "text": "Persistent differences between jurisdictions that favor a permissive, innovation driven approach and those that prioritize strict control and consumer protection can produce regulatory arbitrage or uncertainty in cross-border situations.",
   "abstract": "differences remain, particularly between jurisdictions that favor a more permissive or innovation-driven approach and those that prioritize strict control and consumer protection. These differences can lead to regulatory arbitrage or uncertainty in cross-border situations",
   "citation": "Furrer Andreas, Wulf A. Kaal, Universal Digital Law Codex (UDLC) Building the Legal Infrastructure for the Digital Era (2025). SSRN: https://ssrn.com/abstract=5554218",
   "datePublished": "2025",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "cross-border blockchain and crypto-asset activity",
    "absence of a binding global convention"
   ],
   "source_pdf_sha256": "55738b4035a91b70aa2ddaa127552fe4b373ec641afee2719fbdcabebdcbea44",
   "status": "current"
  }
 ],
 "description": "6 claims in the published works of Wulf A. Kaal carry the concept tag 'crypto-assets'. Derived node: a roster, not an adjudicated definition."
}