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 "@id": "https://wulfkaal.github.io/entities/digital-securities",
 "identifier": "kaal:entity:digital-securities",
 "name": "Digital securities",
 "termCode": "digital-securities",
 "inDefinedTermSet": {
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 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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   "value": [
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3411110-004",
   "identifier": "kaal:claim:3411110-004",
   "text": "Legal certainty is a necessary condition for the maturation of blockchain securities trading; the technology alone will not carry it there.",
   "abstract": "Only by creating more legal certainty will blockchain security trading reach maturity.",
   "citation": "Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110",
   "datePublished": "2019",
   "claim_type": "condition",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "United States regulatory environment"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3411110-005",
   "identifier": "kaal:claim:3411110-005",
   "text": "Overstock.com issued the first SEC registered digital securities using blockchain technology, and because the issuer was a public company conducting a shelf registration, the offering functions as a working model of blockchain benefits and as a map of the U.S. regulatory gaps.",
   "abstract": "OSTK issued the first Securities and Exchange Commission (\"SEC\") registered \"digital securities\" that utilizes blockchain technology.",
   "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": [
    "U.S. registered public offering",
    "shelf registration structure"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3411110-023",
   "identifier": "kaal:claim:3411110-023",
   "text": "Digital securities are not recognized under any state's current commercial law, which matters because that recognition governs margining and the pledging of securities as collateral.",
   "abstract": "The lack of recognition of \"digital\" securities under any state's current commercial law,51 which is relevant for margin / pledging securities as collateral",
   "citation": "Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110",
   "datePublished": "2019",
   "claim_type": "failure",
   "confidence": "asserted",
   "is_failure_mode": true,
   "scope_conditions": [
    "state commercial law as codified in the UCC"
   ],
   "source_pdf_sha256": "c7626eeb7642045b79f8745df1f7232a8fe8bc44a1f7e87b592850e35b392b50",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3411110-024",
   "identifier": "kaal:claim:3411110-024",
   "text": "The regulatory challenges of blockchain based offerings should be addressed by revising federal securities law provisions to recognize digital securities, to permit broad based trading of equity-equivalent digital securities, and to permit their margining.",
   "abstract": "may be in part addressed by revising several federal securities law provisions to allow: (i) recognition of \"digital securities,\" (ii) broad-based trading of equity-equivalent \"digital securities,\" and (iii) margining of \"digital securities.\"",
   "citation": "Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110",
   "datePublished": "2019",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "U.S. federal securities law"
   ],
   "source_pdf_sha256": "c7626eeb7642045b79f8745df1f7232a8fe8bc44a1f7e87b592850e35b392b50",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3411110-033",
   "identifier": "kaal:claim:3411110-033",
   "text": "Widespread retail investor trading of digital securities, including the ability to margin them, is the linchpin of survivability for blockchain based securities offerings; without retail access the technology may remain marginalized in the offering process.",
   "abstract": "will be the linchpin of survivability and evolution of blockchain-based securities offerings. Without retail investor access, the technology may remain marginalized in the offering process.",
   "citation": "Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110",
   "datePublished": "2019",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "retail investor access on a widespread basis",
    "margining of digital securities permitted"
   ],
   "source_pdf_sha256": "c7626eeb7642045b79f8745df1f7232a8fe8bc44a1f7e87b592850e35b392b50",
   "status": "current"
  }
 ],
 "description": "5 claims in the published works of Wulf A. Kaal carry the concept tag 'digital-securities'. Derived node: a roster, not an adjudicated definition."
}