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   "@id": "https://wulfkaal.github.io/claims/2273857-010",
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   "text": "A regulatory framework that relies exclusively on stable and presumptively optimal rules cannot adequately address future challenges, and the amendments, revisions, and retractions such a framework generates create substantial transaction costs and uncertainty.",
   "abstract": "A regulatory framework that relies exclusively on stable and presumptively optimal rules may not be able to adequately address future challenges. Amendments, revisions, and retractions of existing rules create substantial transaction costs and uncertainty.",
   "citation": "Wulf A. Kaal, Dynamic Regulation of the Financial Services Industry (2013). SSRN: https://ssrn.com/abstract=2273857",
   "datePublished": "2013",
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   "text": "New Rule 506(c) creates uncertainty for hedge fund advisers considering general solicitation and general advertising, because the SEC required reasonable steps to verify accreditation without supplying a bright line rule for the content of such solicitation.",
   "abstract": "New Rule 506(c) creates uncertainty for hedge fund advisers considering GSGA.",
   "citation": "Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974",
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   "text": "Until the SEC finalizes verification rules and gives a clear, comprehensive definition of the reasonable steps an issuer must take, issuers cannot determine at the time of sale whether their verification attempts made general solicitation permissible.",
   "abstract": "Without appropriate SEC guidance, issuers will have difficulty ascertaining if their verification attempts at the time of the sale of securities made GSGA permissible.",
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   "text": "The JOBS Act reform underdelivers on its own terms: because investor verification under Rule 506(c) is legally uncertain, hedge fund advisers have better incentives to launch retail alternative funds than to use their new freedom to advertise.",
   "abstract": "Investment advisers to hedge funds have better incentives to set up retail alternative funds that allow them to offer features that are attractive to retail investors rather than to advertise under the uncertain new regime (Rule 506(c))",
   "citation": "Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083",
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   "text": "The same SEC implementation and clarification of Dodd-Frank registration and reporting requirements that helps the industry comply also creates uncertainty and higher costs for it, so continuing rule development cuts both ways.",
   "abstract": "At the same time, there is sufficient evidence in the findings that the SEC's implementation and clarification of Dodd-Frank Act registration and reporting requirements for private funds also creates uncertainty and higher costs for the industry.",
   "citation": "Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915",
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   "text": "Early regulatory intervention is subject to massive information asymmetries and associated regulatory uncertainty because the early stage of an innovation often provides insufficient information about its possible risks and benefits.",
   "abstract": "early regulatory intervention in evolving innovative products/services etc. is subject to massive information asymmetries and associated regulatory uncertainty. The early stage of innovation often provides insufficient information on possible risks and benefits of the innovation.",
   "citation": "Wulf A. Kaal, Dynamic Regulation for Innovation (2016). SSRN: https://ssrn.com/abstract=2831040",
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   "text": "Establishing the facts about a new technology is often impossible in practice because there is no adequate sample or other reliable data on the effects of that technology yet.",
   "abstract": "The task of establishing facts about new technology may be made difficult by the lack of an adequate sample or other reliable data on the effects of new technology.",
   "citation": "Mark Fenwick, Wulf A. Kaal, Erik P. M. Vermeulen, Regulation Tomorrow What Happens When Technology Is Faster Than the Law (2017). SSRN: https://ssrn.com/abstract=2834531",
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   "text": "The absence of regulatory recognition of blockchain technology is itself a source of harm: it creates significant uncertainty, hinders cross industry implementation, and undermines infrastructure conversion via blockchain.",
   "abstract": "The lack of regulatory recognition of Blockchain technology creates significant uncertainty for the blockchain community. The lacking recognition hinders the implementation of the technology across industries and undermines the infrastructure conversion via blockchain technology.",
   "citation": "Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033",
   "datePublished": "2017",
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   "text": "As of the publication of this article, a review of published court opinions showed that no court had reviewed, assessed, or scrutinized the uses and applications of blockchain technology.",
   "abstract": "However, a review of published court opinions suggests that no court at the time of publication of this article had to review, assess, or scrutinize the uses and applications of blockchain technology.",
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   "text": "The SEC's efforts to clarify and optimize the post Dodd-Frank framework cut both ways: they supported industry compliance with the revised standards while simultaneously creating uncertainty and higher costs for the industry.",
   "abstract": "At the same time, there is sufficient evidence in the findings of this study suggesting that the SEC's implementation and clarification of Dodd-Frank Act registration and reporting requirements for private funds also created uncertainty and higher costs for the industry.",
   "citation": "Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097",
   "datePublished": "2017",
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   "text": "The absence of regulatory recognition of blockchain technology is itself a source of harm: it creates significant uncertainty for the blockchain community and undermines the evolution of the crypto economy.",
   "abstract": "The lack of regulatory recognition of Blockchain technology creates significant uncertainty for the blockchain community and undermines the evolution of the crypto economy.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908",
   "datePublished": "2017",
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   "text": "Regulatory uncertainty around blockchain has three specific sources: insufficient or non existent regulatory guidance, the absence of court decisions, and uncertainty over which jurisdiction applies.",
   "abstract": "The regulatory uncertainty derives from insufficient or non- existent regulatory guidance, lacking court decisions, and uncertainty over applicable jurisdiction.",
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   "text": "Regulatory uncertainty in this transitional era actively frustrates blockchain innovation rather than supplying the secure framework in which blockchain applications could flourish.",
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   "text": "The lack of maturity of blockchain technology has slowed its integration into the corporate world, and the absence of a legal framework leaves the whole industry operating in a grey area of the law, which introduces uncertainty and a new level of volatility.",
   "abstract": "The lack of maturity has slowed the progression of integration into the corporate world. There is still a lack of legal framework for the industry to work with, which causes uncertainty. Without knowing which laws apply, the whole industry is operating in a grey area of the law.",
   "citation": "Wulf A. Kaal, Blockchain Technology and Race in Corporate America (2017). SSRN: https://ssrn.com/abstract=3071378",
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   "text": "The United States was excluded from the comparative jurisdictional analysis because its regulatory setup for cryptocurrencies and DLT business was still too uncertain at the time of publication.",
   "abstract": "The regulatory setup for cryptocurrencies and DLT business was still too uncertain in the United States to be included in the below discussion at the time of publication of this article.",
   "citation": "Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224",
   "datePublished": "2018",
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   "text": "There is great regulatory uncertainty around blockchain and smart contracts, especially in financial services, and legal frameworks globally will have to change to adapt to the growing use of the technology.",
   "abstract": "Finally, there is a great deal of regulatory uncertainty surrounding blockchain and smart contracts, especially in the financial services industry. Legal frameworks globally will have to change to adapt to the growing use of this type of new technology.",
   "citation": "Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, Why 'Blockchain' Will Disrupt Corporate Organizations (2018). SSRN: https://ssrn.com/abstract=3227933",
   "datePublished": "2018",
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   "text": "The absence of regulatory recognition of blockchain technology is not merely an inconvenience: it hinders implementation of the technology across industries and undermines the conversion of infrastructure to blockchain.",
   "abstract": "The lacking recognition hinders the implementation of the technology across industries and undermines the infrastructure conversion via blockchain technology.",
   "citation": "Kaal, Financial Technology and Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3409548",
   "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": "Regulatory uncertainty produces a chilling effect: because early adopters must apply traditional law to novel instruments and cannot reach a comfortable level of certainty, legacy businesses hold back from adoption.",
   "abstract": "As a result, there is a chilling effect over the industry where legacy businesses are weary to adopt because of regulatory uncertainty.",
   "citation": "Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110",
   "datePublished": "2019",
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   "text": "Regulatory uncertainty is curtailing the growth of the digital asset industry because investor classes across the spectrum, from retail investors to the largest institutions, are hesitant to participate while the legal treatment of digital assets remains unclear.",
   "abstract": "The regulatory uncertainty in the market for digital assets is curtailing the growth of the industry. Many investor classes - from retail to the largest institutions - are hesitant to participate in the market because of the regulatory uncertainty.",
   "citation": "Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663",
   "datePublished": "2020",
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   "identifier": "kaal:claim:3606663-015",
   "text": "Institutional investors face a distinct barrier beyond volatility: fiduciary responsibility to their clients limits the type of risk they may take on, and the lack of custody solutions recognized by regulators compounds the problem.",
   "abstract": "While larger institutional players face the same issues, they are also limited by their fiduciary responsibility to their clients, which limits the type of risk they can be exposed to. Compounding these challenges is the lack of stable custody solution(s) that are recognized by the regulators.",
   "citation": "Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663",
   "datePublished": "2020",
   "claim_type": "failure",
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    "early 2020s absence of regulator recognized custody solutions"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3652481-012",
   "identifier": "kaal:claim:3652481-012",
   "text": "Regulatory uncertainty is holding back both the development of DAOs and the optimization potential DAOs offer for digital assets.",
   "abstract": "Regulatory uncertainty is holding back the development of DAOs and the optimization potential of DAOs for digital assets.",
   "citation": "Wulf A. Kaal, Decentralized Autonomous Organizations – Internal Governance and External Legal Design (2020). SSRN: https://ssrn.com/abstract=3652481",
   "datePublished": "2020",
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   "@type": "Claim",
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   "identifier": "kaal:claim:3709041-030",
   "text": "Regulatory concerns and lack of market confidence were the cited reasons for postponing the token sale of GiftCoin, a charitable donation tracking project that launched in 2017 and shut down in June 2018.",
   "abstract": "Regulatory concerns and lack of confidence in the market were cited as reasons for postponing the sale.",
   "citation": "Kaal, Blockchain Technology for Good (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3709041",
   "datePublished": "2020",
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   "identifier": "kaal:claim:3799320-007",
   "text": "Regulatory uncertainty is holding back both the development of DAOs and the potential of DAOs to optimize digital assets.",
   "abstract": "Regulatory uncertainty is holding back the development of DAOs and the optimization potential of DAOs for digital assets.",
   "citation": "Wulf A. Kaal, A Decentralized Autonomous Organization (DAO) of DAOs (2021). SSRN: https://ssrn.com/abstract=3799320",
   "datePublished": "2021",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "regulatory environment of the early 2020s"
   ],
   "source_pdf_sha256": "c3dff852f2d3f04718c829a24189309a7db4d92d84f6045d3d4f562d87c03e63",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3808873-006",
   "identifier": "kaal:claim:3808873-006",
   "text": "The profit driven influx into the digital asset space brought rampant fraud that created a chasm between the decentralized asset space and mainstream investors, and lacking regulatory certainty and recognition of cryptocurrencies exacerbated that divide.",
   "abstract": "With it came fraud in the digital asset space which was rampant and created a chasm between the decentralized assets space and mainstream investors.",
   "citation": "Wulf A. Kaal, Decentralization Neutralizers (2021). SSRN: https://ssrn.com/abstract=3808873",
   "datePublished": "2021",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "digital asset markets between roughly 2010 and 2020"
   ],
   "source_pdf_sha256": "f11493915e6b8c266d421510b5546816e33defb5650aac9d09b20d78549da727",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3808873-028",
   "identifier": "kaal:claim:3808873-028",
   "text": "People coins and the innovations they created were largely subject to regulatory uncertainty and evolved much slower or not at all, so government and corporate coins created their own path dependencies and engrained product deficiencies with suboptimal levels of decentralization.",
   "abstract": "People coins and the innovations they created were largely subject to regulatory uncertainty and evolved much slower or not at all.",
   "citation": "Wulf A. Kaal, Decentralization Neutralizers (2021). SSRN: https://ssrn.com/abstract=3808873",
   "datePublished": "2021",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "community issued tokens without government or corporate sponsorship in the early 2020s"
   ],
   "source_pdf_sha256": "f11493915e6b8c266d421510b5546816e33defb5650aac9d09b20d78549da727",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4021599-026",
   "identifier": "kaal:claim:4021599-026",
   "text": "The regulatory status of securities tokens is rather well established, whereas the regulatory status of utility tokens remains unclear.",
   "abstract": "The regulatory status for a securities tokens is rather well established. By contrast, the regulatory status for utility tokens is unclear.44",
   "citation": "Wulf A. Kaal, Securities Versus Utility Tokens (2022). SSRN: https://ssrn.com/abstract=4021599",
   "datePublished": "2022",
   "claim_type": "failure",
   "confidence": "asserted",
   "is_failure_mode": true,
   "scope_conditions": [
    "as of 2022"
   ],
   "source_pdf_sha256": "bb03790af46b3710e306121cfae25f850e3e7477e0f95313af42b9feeb6bc0c4",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4957318-013",
   "identifier": "kaal:claim:4957318-013",
   "text": "The possibility that a law will expire without guaranteed renewal creates a climate of uncertainty that discourages the investment and long term planning which depend on consistent regulatory frameworks.",
   "abstract": "threat of laws expiring at any moment without guarantee of renewal can create a climate of uncertainty, discouraging investment and planning that relies on consistent regulatory frameworks.",
   "citation": "Wulf A. Kaal, The Future of Law - Dynamic Web3 Governance (2024). SSRN: https://ssrn.com/abstract=4957318",
   "datePublished": "2024",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "capital intensive or long horizon business decisions",
    "regulated markets where entry depends on rule stability"
   ],
   "source_pdf_sha256": "137fb77eb82111a85f0ab5581926f762a7414ae84aaf3d56e8299db670e0e0c1",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4957318-024",
   "identifier": "kaal:claim:4957318-024",
   "text": "Experimental rules impose a cost on the regulated: because the rules are temporary and subject to change, they complicate compliance efforts, disrupt long term planning, and create ambiguity that can produce resistance or unintended non compliance.",
   "abstract": "This uncertainty can complicate compliance efforts, disrupt long-term planning, and create ambiguities regarding the rules that need to be followed, potentially leading to resistance or unintended non-compliance among affected parties.",
   "citation": "Wulf A. Kaal, The Future of Law - Dynamic Web3 Governance (2024). SSRN: https://ssrn.com/abstract=4957318",
   "datePublished": "2024",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "where the experimental rule substantially modifies an existing regulatory framework"
   ],
   "source_pdf_sha256": "137fb77eb82111a85f0ab5581926f762a7414ae84aaf3d56e8299db670e0e0c1",
   "status": "current"
  }
 ],
 "description": "29 claims in the published works of Wulf A. Kaal carry the concept tag 'regulatory-uncertainty'. Derived node: a roster, not an adjudicated definition."
}