# Transferability

`kaal:entity:transferability`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `transferability`. 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

3 claims across 3 works, 2018 to 2025.

**2018**

- [3227933-031](https://wulfkaal.github.io/claims/3227933-031) [empirical/evidenced] -- The DAO raised more than 150 million dollars from approximately 10,000 investors through a crowdfunding campaign in May 2016, with DAO Tokens designed to be fully transferable and tradable on peer-to-peer exchanges like shares in a listed corporation.
  > The DAO raised more than $150 million from approximately 10,000 "investors." Like shares in a traditional listed corporation, DAO Tokens were designed to be fully transferable and tradable on "peer-to-peer" exchanges.
  Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, Why 'Blockchain' Will Disrupt Corporate Organizations (2018). SSRN: https://ssrn.com/abstract=3227933

**2019**

- [3405401-022](https://wulfkaal.github.io/claims/3405401-022) [failure/argued] *(failure mode)* -- The transferability of the stores of value entailed in cryptocurrencies creates core points of attack and undermines the very nature of decentralization.
  > The transferability of stores of value entailed in cryptocurrencies creates core points of attack and undermines the very nature of decentralization.
  Wulf A. Kaal, Decentralized Commerce – A Primer on Why Decentralized Reputation Verification Systems Are Needed (2019). SSRN: https://ssrn.com/abstract=3405401

**2025**

- [5454054-026](https://wulfkaal.github.io/claims/5454054-026) [failure/argued] *(failure mode)* -- Any drift toward transferability, voucher redemption at par, yield, or marketplace functionality would push LER into MiCA compliance obligations and, equivalently, into the UK EMR and PSR regimes and U.S. securities, money transmission, and market-structure perimeters.
  > Any perceived gravitation toward transferability, voucher par redemption, yield, or marketplace functionality may push LER into MiCA compliance requirements.
  Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

## 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/transferability.md | sha256sum

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