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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1765901-036",
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   "text": "Because of the ambiguities in Morrison and Dodd-Frank and the consequences of a broad reading for persons and companies in European and other jurisdictions, Congress should clarify its intent in Section 929P(b) with respect to SEC and DOJ suits over securities transactions outside the United States.",
   "abstract": "Congress should also clarify its intent in Section 929P(b) with respect to SEC and DOJ suits over securities transac- tions outside the United States.",
   "citation": "Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1765901",
   "datePublished": "2011",
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   "text": "A clear and restrained U.S. approach to extraterritoriality will bring predictability to global securities markets and avoid a downturn in international economic cooperation.",
   "abstract": "A clear and restrained approach to extraterri- toriality in the U.S. will bring predictability to global securities markets and avoid a downturn in international economic cooperation.",
   "citation": "Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1765901",
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   "text": "Because dynamic regulation supplies information ex-ante via a feedback process before rules are finalized, certainty for involved parties is not affected ex-post after rules become effective, so contractual incompleteness is lowered while certainty in rulemaking is maintained.",
   "abstract": "Because the information is provided ex-ante via a feedback process, the certainty for all involved parties is not affected ex-post after rules became effective.",
   "citation": "Wulf A. Kaal, Evolution of Law Dynamic Regulation in a New Institutional Economics Framework (2013). SSRN: https://ssrn.com/abstract=2267560",
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   "text": "Rulemakers discount or willingly accept unknown future contingencies and the inevitable need for later revision, amendment, and retraction, because they are pursuing certainty and predictability in the rules they enact.",
   "abstract": "To attain certainty and increase predictability, rulemakers discount or often willingly accept unknown future contingencies and the inevitable need for rule revision, amendments, and retractions.",
   "citation": "Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry (2013). SSRN: https://ssrn.com/abstract=2273857",
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   "text": "The pacing problem is partly a byproduct of the goal of legal certainty: because regulation is designed to be a durable source of predictability, rulemaking driven by legal certainty cannot keep pace as innovation accelerates.",
   "abstract": "regulation is commonly perceived as a source of predictability and is meant to last; as innovation accelerates, rulemaking driven by legal certainty cannot keep pace",
   "citation": "Wulf A. Kaal, Dynamic Regulation for Innovation (2016). SSRN: https://ssrn.com/abstract=2831040",
   "datePublished": "2016",
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   "text": "Dynamic regulatory tools lower unforeseen contingencies in innovation related rulemaking because their feedback effects supply relevant, timely, decentralized, and institution specific information ex ante, which also helps maintain certainty in the rulemaking process.",
   "abstract": "By increasing the availability of information ex-ante, dynamic regulatory tools help lower unforeseen contingencies in the rulemaking process pertaining to innovation. Improved information for rulemaking also helps maintaining certainty in the rulemaking process.",
   "citation": "Wulf A. Kaal, Dynamic Regulation for Innovation (2016). SSRN: https://ssrn.com/abstract=2831040",
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   "text": "The inherent mathematical logic of computerized code in smart contracts can clarify the parties' intent optimally, which increases certainty, creates efficiency, and thereby incentivizes commerce.",
   "abstract": "The inherent mathematical logic of computerized code in smart contracts can optimally clarify parties' intent. It also increases certainty and creates unparalleled efficiency which in turn incentivizes commerce.",
   "citation": "Wulf A. Kaal, Decentralized Commerce – A Primer on Why Decentralized Reputation Verification Systems Are Needed (2019). SSRN: https://ssrn.com/abstract=3405401",
   "datePublished": "2019",
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   "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",
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   "text": "Under the legal wrapper concept individual DAO members are not liable and the third party knows exactly with whom she is interacting and where liabilities arise.",
   "abstract": "Using the legal wrapper concept, the individual DAO members would not be liable and the third party knows exactly with whom she is interacting and where liabilities arise.",
   "citation": "Wulf A. Kaal, A Decentralized Autonomous Organization (DAO) of DAOs (2021). SSRN: https://ssrn.com/abstract=3799320",
   "datePublished": "2021",
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   "text": "Fully compliant legal custody solutions for digital assets increase legal certainty and mainstream investor confidence, and that increased confidence in turn builds markets in digital assets.",
   "abstract": "Fully compliant legal custody solutions for digital assets increase legal certainty and mainstream investor confidence which, in turn, helps build markets in digital assets.",
   "citation": "Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876",
   "datePublished": "2021",
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   "text": "Existing regulatory initiatives, including the UNCITRAL Model Laws and the European Union's Markets in Crypto-Assets Regulation, provide only partial solutions and fail to address the full spectrum of legal issues raised by Web3 technologies.",
   "abstract": "Existing initiatives, such as the UNCITRAL Model Laws and the European Union's Markets in Crypto-Assets Regulation (MiCAR), provide partial solutions but fail to address the full spectrum of issues,",
   "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",
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   "text": "The Codex is designed to close the gap between the fast moving digital ecosystem and the traditional legal system, and its purpose is to secure enforceability, fairness and procedural integrity even where an interaction is fully digital and transnational.",
   "abstract": "The UDLC aims to bridge the gap between the rapidly evolving digital ecosystem and the traditional legal system. This framework ensures enforceability, fairness and procedural integrity, even in fully digital, trans- national settings — a foundational component of trusted digital governance.",
   "citation": "Furrer Andreas, Wulf A. Kaal, Stephan D. Meyer, Universal Digital Law Codex (UDLC) (2025). SSRN: https://ssrn.com/abstract=5886342",
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   "text": "The Codex is grounded in legal certainty and predictability, on the reasoning that parties can only enforce rights and anticipate liabilities within a digital system if the applicable rules are knowable in advance.",
   "abstract": "(1) UDLC is grounded in the principles of legal cer- tainty and predictability, ensuring that Parties within",
   "citation": "Furrer Andreas, Wulf A. Kaal, Stephan D. Meyer, Universal Digital Law Codex (UDLC) (2025). SSRN: https://ssrn.com/abstract=5886342",
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 "description": "13 claims in the published works of Wulf A. Kaal carry the concept tag 'legal-certainty'. Derived node: a roster, not an adjudicated definition."
}