# Regulatory gaps

`kaal:entity:regulatory-gaps`

**Status.** derived

This node is assembled mechanically from the 6 claims that carry the concept tag `regulatory-gaps`. 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

6 claims across 4 works, 2013 to 2025.

**2013**

- [2337268-012](https://wulfkaal.github.io/claims/2337268-012) [condition/asserted] -- Where a state does not provide sufficient regulation of mid-sized investment advisers, oversight reverts to the SEC, so state level regulatory gaps trigger a federal backstop rather than leaving advisers unsupervised.
  > Should a particular state not provide sufficient regulation, the SEC will oversee the mid-sized investment adviser.22
  Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

**2018**

- [3117224-017](https://wulfkaal.github.io/claims/3117224-017) [empirical/evidenced] *(failure mode)* -- Although federal securities law is the main instrument countries use to regulate ICO technology, there is also concern about regulating exchanges, which may fall outside federal securities laws at least in part.
  > Although (federal) securities law is the main way countries are regulating this technology, there is also concern about the regulation of exchanges within such countries which may fall outside of the federal securities laws, at least in part.
  Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224
- [3117224-025](https://wulfkaal.github.io/claims/3117224-025) [failure/evidenced] *(failure mode)* -- If a digital token security falls outside Monetary Authority of Singapore regulation, no duty of fair dealing applies to it.
  > If the security falls outside the MAS- regulations, there will be no duty of fair dealing.
  Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224
- [3117224-034](https://wulfkaal.github.io/claims/3117224-034) [mechanism/evidenced] -- Because cryptocurrencies are not issued by foreign central banks, Costa Rica does not consider them foreign currency and they cannot fall under the regulations of the exchange regime.
  > As cryptocurrencies are also not issued by foreign central banks, they cannot be considered foreign currency and so cannot fall under the regulations of the exchange regime.
  Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224

**2024**

- [4957318-014](https://wulfkaal.github.io/claims/4957318-014) [failure/argued] *(failure mode)* -- Sunset provisions endanger politically contentious institutions rather than ineffective ones, because agencies that face opposition or controversy can be dissolved through expiration regardless of their ongoing relevance or necessity.
  > Such provisions could lead to the dissolution of agencies that face opposition or controversy, potentially undermining their stability and ability to function effectively. This approach may result in the premature termination of institutions
  Wulf A. Kaal, The Future of Law - Dynamic Web3 Governance (2024). SSRN: https://ssrn.com/abstract=4957318

**2025**

- [5245185-013](https://wulfkaal.github.io/claims/5245185-013) [failure/argued] *(failure mode)* -- The proposed solutions for future AI monitoring fail to propose feedback driven mechanisms that balance innovation with oversight, which leaves regulatory gaps and scalability bottlenecks unresolved.
  > The expected solutions for future AI monitoring fail to propose feedback-driven mechanisms,107 to balance innovation with oversight, leaving regulatory gaps and scalability bottlenecks unresolved.
  Wulf A. Kaal, How can we Best Monitor AI Agents (2025). SSRN: https://ssrn.com/abstract=5245185

## 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/regulatory-gaps.md | sha256sum

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