# Token holder rights

`kaal:entity:token-holder-rights`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `token-holder-rights`. 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, 2017 to 2017.

**2017**

- [3067615-019](https://wulfkaal.github.io/claims/3067615-019) [failure/argued] *(failure mode)* -- Token holders, unlike shareholders in the traditional corporate infrastructure, cannot vote for or against directors or nominate directors, so ordinary ICO investors have no governance channel and simply must trust the promoters and their business intent.
  > Further limitations for token holders that amount to significant risk factors include token holders' inability, unlike shareholders in the traditional infrastructure, to vote for or against directors or to nominate directors.
  Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615
- [3067615-020](https://wulfkaal.github.io/claims/3067615-020) [failure/argued] *(failure mode)* -- The only real control power available to token holders is the decision to hold or sell their tokens, and even that exit right may be unavailable until the token is fully listed on an exchange.
  > The only real control power for token holders is their decision to hold or sell their tokens and even that may be limited until the token is fully listed on an exchange.
  Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

## 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/token-holder-rights.md | sha256sum

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