{
 "@context": "https://schema.org",
 "@type": "Claim",
 "@id": "https://wulfkaal.github.io/positions/2026-07-31-6710",
 "identifier": "kaal:position:2026-07-31-6710",
 "additionalType": "https://wulfkaal.github.io/positions/schema.json#AffirmedPositionClaim",
 "name": "Streaming Embrace The Sec 0Bd123A5C0",
 "text": "Embrace the SEC presents the following source proposition: Securities law traditionally only permits corporations that have registered with the Securities and Exchange Commission (SEC) and completed an initial public offering (IPO) to sell equity to the general public—often a long, expensive process. This proposition is pertinent to Kaal's source-bound claim that Overstock.com issued the first SEC registered digital securities using blockchain technology, and because the issuer was a public company conducting a shelf registration, the offering functions as a working model of blockchain benefits and as a map of the U.S. regulatory gaps. The proposed response is an extension: the relationship should remain limited to the retrieved source proposition and the mapped Kaal claim unless fuller source review supports a broader conclusion.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
 },
 "datePublished": "2026-07-31",
 "dateModified": "2026-07-31",
 "creativeWorkStatus": "Affirmed",
 "responseType": "extension",
 "keywords": [
  "securities-law",
  "law-and-legal-systems",
  "historical-response",
  "scholarly-literature",
  "openalex"
 ],
 "scope_conditions": [
  "The response is limited to the retrieved source proposition and mapped Kaal claim unless fuller source review supports a broader conclusion.",
  "External evidence level: abstract indexed.",
  "Mapping review tier: moderate-confidence claim review.",
  "Primary mapping confidence: 0.3746.",
  "The source-to-claim mapping remains explicitly ambiguous and is published with that limitation."
 ],
 "currentDebate": {
  "name": "Embrace the SEC",
  "url": "https://digitalcommons.law.uga.edu/fac_artchop/1332"
 },
 "extends": {
  "identifier": "kaal:claim:3411110-005",
  "url": "https://wulfkaal.github.io/claims/3411110-005",
  "citation": "Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings (2019). SSRN: https://ssrn.com/abstract=3411110",
  "paper": "Wulf A. Kaal, Samuel Evans, Blockchain-Based Securities Offerings",
  "authors": [
   "Wulf A. Kaal"
  ],
  "year": "2019",
  "ssrn": "https://ssrn.com/abstract=3411110",
  "source_pdf_sha256": "c7626eeb7642045b79f8745df1f7232a8fe8bc44a1f7e87b592850e35b392b50"
 },
 "isBasedOn": [
  {
   "@id": "https://wulfkaal.github.io/claims/3411110-005"
  },
  {
   "@type": "CreativeWork",
   "name": "Embrace the SEC",
   "url": "https://digitalcommons.law.uga.edu/fac_artchop/1332"
  }
 ],
 "batch_id": "kaal-review:2026-07-31:streaming-etl-0005",
 "review_provenance": "https://kaal-signal-desk.wulf577462.chatgpt.site/#review",
 "publicationStatus": "public",
 "recordTypeNote": "Dated commentary position extending a scholarly corpus claim. Not a verbatim claim extracted from the paper.",
 "isPartOf": {
  "@id": "https://wulfkaal.github.io/positions/index.json"
 },
 "version": "1.0",
 "canonical_url": "https://wulfkaal.github.io/positions/2026-07-31-6710",
 "canonicalForm": "https://wulfkaal.github.io/positions/2026-07-31-6710.md",
 "candidateId": "kaal:response-draft:2026-07-31:12dfbca6cd61ec63f310",
 "evidenceLevel": "abstract indexed",
 "reviewTier": "moderate-confidence claim review",
 "mappingConfidence": 0.3746,
 "mappingAmbiguous": true,
 "mappingMethod": "idf-weighted multi-field mapping v1",
 "mappingWhyRelevant": "Shared high-information concepts: sec, securities, law, registered, exchange, commission, public, offering. Scope: U.S. registered public offering; shelf registration structure.",
 "sourceProvenance": {
  "source": "openalex",
  "sourceRecordId": "https://openalex.org/W7139811546",
  "queryId": "concept:ee778ad15ea3",
  "queryText": "decentralized autonomous organization",
  "canonicalUrl": "https://digitalcommons.law.uga.edu/fac_artchop/1332",
  "doi": null,
  "externalIds": {
   "OpenAlex": "https://openalex.org/W7139811546"
  },
  "retrievedAt": "2026-07-31T17:52:28.878Z",
  "providerPage": 29,
  "rawObservationSha256": "e9ed598ac1f5c1039361477e355b7dd855e76c48febd06ec3934ba8e53611f60",
  "inputSnapshotSha256": "bdb2cd83e925a3abd26bab9a4375d1355c1d8fbab8736869dc7845f3ba159924",
  "inputLine": 13161,
  "chunkId": "openalex-00006",
  "workId": "work:openalex:https://openalex.org/W7139811546",
  "workAuthors": [
   "Usha Rodrigues"
  ],
  "workPublishedAt": "2020-01-01",
  "identityKeys": [
   "openalex:https://openalex.org/W7139811546",
   "openalex:https://openalex.org/w7139811546",
   "url:https://digitalcommons.law.uga.edu/fac_artchop/1332",
   "title:be1d261e85624a12eadab57d",
   "proposition:c13738a83da31233241ed3d101e4dc900fed71f94f9930f82f87599990b3e54d"
  ],
  "sourceProposition": "Securities law traditionally only permits corporations that have registered with the Securities and Exchange Commission (SEC) and completed an initial public offering (IPO) to sell equity to the general public—often a long, expensive process.",
  "sourcePropositionSha256": "b185d51c8ae273eb6f9d4cf43ea1d6653251937a5c3069a4b92b708e7fcc7c35",
  "sourcePropositionIndex": 0,
  "claimMappings": [
   {
    "claimId": "kaal:claim:3411110-005",
    "claimUrl": "https://wulfkaal.github.io/claims/3411110-005",
    "rank": 1,
    "confidence": 0.3746,
    "method": "idf-weighted multi-field mapping v1",
    "whyRelevant": "Shared high-information concepts: sec, securities, law, registered, exchange, commission, public, offering. Scope: U.S. registered public offering; shelf registration structure.",
    "ambiguous": true
   },
   {
    "claimId": "kaal:claim:3067615-029",
    "claimUrl": "https://wulfkaal.github.io/claims/3067615-029",
    "rank": 2,
    "confidence": 0.3248,
    "method": "idf-weighted multi-field mapping v1",
    "whyRelevant": "Shared high-information concepts: securities, law, exchange, commission, initial, regulation, legal. Scope: ICO market as of November 2017; United States securities regulation.",
    "ambiguous": true
   },
   {
    "claimId": "kaal:claim:2998097-036",
    "claimUrl": "https://wulfkaal.github.io/claims/2998097-036",
    "rank": 3,
    "confidence": 0.3129,
    "method": "idf-weighted multi-field mapping v1",
    "whyRelevant": "Shared high-information concepts: sec, securities, law, only, have, registered, regulation, legal. Scope: advisers with more than $150 million AUM required to register under the Dodd-Frank Act.",
    "ambiguous": true
   },
   {
    "claimId": "kaal:claim:3606663-007",
    "claimUrl": "https://wulfkaal.github.io/claims/3606663-007",
    "rank": 4,
    "confidence": 0.3083,
    "method": "idf-weighted multi-field mapping v1",
    "whyRelevant": "Shared high-information concepts: securities, law, offering, ipo, capital, legal. Scope: ICOs conducted in 2017 and 2018 with staggered discount structures; comparison against average IPO underwriting fees of four to seven percent.",
    "ambiguous": true
   },
   {
    "claimId": "kaal:claim:3409548-033",
    "claimUrl": "https://wulfkaal.github.io/claims/3409548-033",
    "rank": 5,
    "confidence": 0.3067,
    "method": "idf-weighted multi-field mapping v1",
    "whyRelevant": "Shared high-information concepts: securities, law, ipo, long, process, financial. Scope: private investment funds investing in blockchain start-ups.",
    "ambiguous": true
   }
  ]
 },
 "userAffirmation": "I affirm batch kaal-review:2026-07-31:streaming-etl-0005, SHA-256 38dc4a26b86055f59a04f2f22c00881f6c50aa4c4e33c702b9de7f310a3e9995, as written and authorize publication of all 248 response claims on my canonical property, preserving their evidence levels, ambiguity labels, provenance, and the unchanged 5,033 scholarly claims.",
 "sha256": "de339018cc162bdf8e54d03b1a69a3bc3d2d88259b6804fc69c8628433060934"
}