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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/crypto-exchanges",
 "identifier": "kaal:entity:crypto-exchanges",
 "name": "Crypto exchanges",
 "termCode": "crypto-exchanges",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3117224-017",
   "identifier": "kaal:claim:3117224-017",
   "text": "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.",
   "abstract": "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.",
   "citation": "Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224",
   "datePublished": "2018",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "top 25 ICO countries"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3117224-030",
   "identifier": "kaal:claim:3117224-030",
   "text": "At the time of publication there were no registered marketplaces or alternative trading systems for cryptocurrency in Canada.",
   "abstract": "At the time of publication, there were no registered marketplaces or ATS's in Canada.",
   "citation": "Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224",
   "datePublished": "2018",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3117224-033",
   "identifier": "kaal:claim:3117224-033",
   "text": "The People's Republic of China has banned ICOs entirely, including the offering of coins and the exchanges used to trade them, on the view that ICOs hurt the market through potential deception and fraud.",
   "abstract": "The People Republic of China have taken a firm stance against ICO's, banning them entirely.",
   "citation": "Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224",
   "datePublished": "2018",
   "claim_type": "empirical",
   "confidence": "evidenced",
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   "scope_conditions": [
    "China"
   ],
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3117224-040",
   "identifier": "kaal:claim:3117224-040",
   "text": "Regulatory efforts toward ICOs take several forms or permutations of them, including regulating ICOs, cryptocurrencies, and DLT, mandating compliance programs, and regulating exchanges.",
   "abstract": "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,",
   "citation": "Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224",
   "datePublished": "2018",
   "claim_type": "empirical",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "top 25 ICO jurisdictions"
   ],
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4033886-005",
   "identifier": "kaal:claim:4033886-005",
   "text": "Dual listing narrows bid ask spreads in traditional markets by injecting liquidity, but crypto markets behave differently: price differences between two exchanges can reach upwards of five percent during peak trading times.",
   "abstract": "For traditional markets, when a security is dual- listed, we see the bid-ask spread decrease because additional liquidity is being injected into the market. This differs from the crypto market where the difference between the two exchanges can reach upwards of 5% during peak trading times.5",
   "citation": "Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886",
   "datePublished": "2022",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "peak trading times",
    "assets listed on multiple crypto exchanges"
   ],
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   "status": "current"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4033886-006",
   "identifier": "kaal:claim:4033886-006",
   "text": "Digital asset exchanges have no closing prices, so digital asset managers cannot rely on the closing price convention that underpins traditional valuation practice.",
   "abstract": "Because digital asset exchanges do not have closing prices, digital asset managers cannot simply use the closing price for given asset.",
   "citation": "Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886",
   "datePublished": "2022",
   "claim_type": "failure",
   "confidence": "asserted",
   "is_failure_mode": true,
   "scope_conditions": [
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   ],
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   "status": "current"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4033886-008",
   "identifier": "kaal:claim:4033886-008",
   "text": "Even for the most liquid level one digital assets, managers may choose between the price on a favored exchange and an aggregate across exchanges, so the same asset can be reported at different values by different managers.",
   "abstract": "For instance, when quoting level 1 securities, while some managers may use the price on their favored cryptocurrency exchange, others might take an aggregate the price from multiple exchanges.7",
   "citation": "Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886",
   "datePublished": "2022",
   "claim_type": "mechanism",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "quoting level 1 digital assets"
   ],
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   "status": "current"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4033886-010",
   "identifier": "kaal:claim:4033886-010",
   "text": "Arbitrage trading emerges in crypto markets because of information asymmetries across exchanges, which arise from imperfect disclosure, and the resulting decline in market efficiency is a key indicator of an inefficient market.",
   "abstract": "The reason arbitrage trading starts to happen is because of asymmetries of information across the different exchanges. These asymmetries can happen as a result of imperfect disclosures or incite on whether a company has a willingness to take on debt.",
   "citation": "Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886",
   "datePublished": "2022",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "multiple exchanges trading the same asset"
   ],
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   "@id": "https://wulfkaal.github.io/claims/4033886-026",
   "identifier": "kaal:claim:4033886-026",
   "text": "The main obstacle to digital asset market liquidity may be that the number of token holders has not continued to expand exponentially year over year; a larger stakeholder base would deepen liquidity and permit seamless entry and exit.",
   "abstract": "The main issue may be that the number of token holders have not continued to expand exponentially year over year. Having a greater number of stake holders may result in the deeper liquidity in the market, which would in turn allow for seamless movement in and out of the market.",
   "citation": "Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886",
   "datePublished": "2022",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "centralized digital asset exchange markets"
   ],
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   "status": "current"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4033886-028",
   "identifier": "kaal:claim:4033886-028",
   "text": "One design remedy for thin trading volume is supervision of digital asset exchanges by a federal governing authority or a self regulatory organization to assure compliance with existing laws.",
   "abstract": "To increase the trading volume, one solution may be to have a federal governing authority or a self-regulatory organization monitor the exchange to assure compliance with existing laws.",
   "citation": "Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886",
   "datePublished": "2022",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "digital asset exchanges operating under legal uncertainty"
   ],
   "source_pdf_sha256": "52ba05b1292b1be4bfaf1ee5cf56b14fea9c196d870603e794d7ee316df129bd",
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 "description": "10 claims in the published works of Wulf A. Kaal carry the concept tag 'crypto-exchanges'. Derived node: a roster, not an adjudicated definition."
}