{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/nasdaq",
 "identifier": "kaal:entity:nasdaq",
 "name": "Nasdaq",
 "termCode": "nasdaq",
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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": 4
  },
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   "value": 2
  },
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   "value": [
    "2019",
    "2025"
   ]
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3411110-032",
   "identifier": "kaal:claim:3411110-032",
   "text": "Self regulatory organizations occupy a distinctive position, holding some regulatory authority while remaining beholden to the SEC, which makes them the right actors to educate the SEC toward a more crypto friendly stance by demonstrating successful use cases.",
   "abstract": "SROs are also in a unique position to help educate the SEC to becoming more crypto friendly.",
   "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": [
    "SROs such as FINRA, Nasdaq, and NYSE that remain subject to SEC oversight"
   ],
   "source_pdf_sha256": "c7626eeb7642045b79f8745df1f7232a8fe8bc44a1f7e87b592850e35b392b50",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5454054-018",
   "identifier": "kaal:claim:5454054-018",
   "text": "Bringing NASDAQ-listed stocks on-chain removes the need to mint intermediary virtual representations of off-chain equities, because tokenized stocks are natively verifiable on blockchain ledgers, which reduces legal and operational friction.",
   "abstract": "By bringing NASDAQ-listed stocks on-chain, the need to mint intermediary virtual representations of off-chain equities as an accounting measure is eliminated. NASDAQ tokenized stocks are natively verifiable on blockchain ledgers. This is key as it reduces legal and operational friction.",
   "citation": "Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054",
   "datePublished": "2025",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "NASDAQ tokenized stock framework in operation"
   ],
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5454054-019",
   "identifier": "kaal:claim:5454054-019",
   "text": "The NASDAQ tokenized stock framework materially expands the addressable market for LER, because every NASDAQ-listed stock becomes potentially eligible for time-weighted voucher reward accruals.",
   "abstract": "Second, it significantly increases the addressable market for LER because all of NASDAQ-listed stocks are now potentially eligible for LER's time-weighted voucher loyalty reward accruals.",
   "citation": "Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054",
   "datePublished": "2025",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "conditional on SEC approval of the NASDAQ framework"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5454054-037",
   "identifier": "kaal:claim:5454054-037",
   "text": "Regulatory uncertainty, in particular the timeline for SEC approval of the NASDAQ and Dinari tokenization frameworks, could delay LER implementation.",
   "abstract": "Regulatory uncertainties, such as the timeline for SEC approval for NASDAQ and Dinari frameworks could delay LER implementation.",
   "citation": "Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054",
   "datePublished": "2025",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "pending SEC approval of tokenized securities trading"
   ],
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  }
 ],
 "description": "4 claims in the published works of Wulf A. Kaal carry the concept tag 'nasdaq'. Derived node: a roster, not an adjudicated definition."
}