# Fiat redemption `kaal:entity:fiat-redemption` **Status.** derived This node is assembled mechanically from the 2 claims that carry the concept tag `fiat-redemption`. 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 2 claims across 1 works, 2025 to 2025. **2025** - [5454054-022](https://wulfkaal.github.io/claims/5454054-022) [condition/argued] -- The absence of fiat par-redemption combined with limited acceptance inside merchant ecosystems makes LER rewards closed-loop utilities, which is what removes their classification as electronic money tokens or securities. > Third, the absence of fiat par-redemption and limited acceptance within merchant ecosystems positions LER voucher loyalty rewards as closed-loop utilities. This removes their classification as electronic money tokens (EMTs) or securities, which, in turn, simplifys compliance. Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054 - [5454054-028](https://wulfkaal.github.io/claims/5454054-028) [condition/argued] -- A favorable legal assessment of LER depends on four design features holding simultaneously: non-transferability, absence of a secondary market, absence of fiat redemption, and consumptive utility. > Most important for a favorable legal assessment is LER non-transferability, no secondary market, no fiat redemption, and consumptive utility. Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054 ## 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/fiat-redemption.md | sha256sum **Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.