# Digital securities

`kaal:entity:digital-securities`

**Status.** derived

This node is assembled mechanically from the 5 claims that carry the concept tag `digital-securities`. 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

5 claims across 1 works, 2019 to 2019.

**2019**

- [3411110-004](https://wulfkaal.github.io/claims/3411110-004) [condition/asserted] -- Legal certainty is a necessary condition for the maturation of blockchain securities trading; the technology alone will not carry it there.
  > Only by creating more legal certainty will blockchain security trading reach maturity.
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110
- [3411110-005](https://wulfkaal.github.io/claims/3411110-005) [empirical/evidenced] -- 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.
  > OSTK issued the first Securities and Exchange Commission ("SEC") registered "digital securities" that utilizes blockchain technology.
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110
- [3411110-023](https://wulfkaal.github.io/claims/3411110-023) [failure/asserted] *(failure mode)* -- 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.
  > The lack of recognition of "digital" securities under any state's current commercial law,51 which is relevant for margin / pledging securities as collateral
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110
- [3411110-024](https://wulfkaal.github.io/claims/3411110-024) [design/argued] -- 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.
  > 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."
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110
- [3411110-033](https://wulfkaal.github.io/claims/3411110-033) [condition/argued] -- 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.
  > 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.
  Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110

## 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/digital-securities.md | sha256sum

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