{
 "@context": "https://schema.org",
 "@type": "Claim",
 "@id": "https://wulfkaal.github.io/positions/2026-08-08-094",
 "identifier": "kaal:position:2026-08-08-094",
 "additionalType": "https://wulfkaal.github.io/positions/schema.json#AffirmedPositionClaim",
 "name": "Streaming Cryptocurrency Digital Assets Evidence Of The Emergence Of Cryptocurrency Securi 925Fe704C8",
 "text": "Cryptocurrency Digital Assets reports no significant risk-adjusted return difference between FANG stocks and Bitcoin. This supplies evidence of similarity on one performance dimension corresponding to Kaal's observation that stocks and cryptocurrencies can appear similar. It does not address the abuse, legal, acceptance, or use differences on which Kaal's regulatory distinction rests.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
 },
 "datePublished": "2026-08-08",
 "dateModified": "2026-08-08",
 "creativeWorkStatus": "Affirmed",
 "responseType": "qualification",
 "keywords": [
  "securities-law",
  "economics",
  "research-methods",
  "historical-response",
  "scholarly-literature",
  "crossref"
 ],
 "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: substantively reviewed abstract-level qualification.",
  "Primary mapping confidence: 0.62.",
  "The primary mapping cleared the automated ambiguity test; substantive scope remains review-bound.",
  "Evidence is limited to an exact proposition in a Crossref-indexed abstract; full text was not reviewed.",
  "No relationship is treated as external endorsement, citation, causation, or validation of a broader Kaal claim.",
  "The source reports no significant risk-adjusted return difference between FANG stocks and Bitcoin. This supplies evidence of similarity on one performance dimension corresponding to Kaal's observation that stocks and cryptocurrencies can appear similar, but it does not address the abuse, legal, acceptance, or use differences on which Kaal's regulatory distinction rests."
 ],
 "currentDebate": {
  "name": "Cryptocurrency Digital Assets: Evidence of the Emergence of Cryptocurrency Securities Markets as an Investment Asset Class, 2018-2023",
  "url": "https://doi.org/10.33423/jaf.v23i2.6090"
 },
 "extends": {
  "identifier": "kaal:claim:4033886-018",
  "url": "https://wulfkaal.github.io/claims/4033886-018",
  "citation": "Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886",
  "paper": "Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation",
  "authors": [
   "Wulf A. Kaal"
  ],
  "year": "2022",
  "ssrn": "https://ssrn.com/abstract=4033886",
  "source_pdf_sha256": "52ba05b1292b1be4bfaf1ee5cf56b14fea9c196d870603e794d7ee316df129bd"
 },
 "isBasedOn": [
  {
   "@id": "https://wulfkaal.github.io/claims/4033886-018"
  },
  {
   "@type": "CreativeWork",
   "name": "Cryptocurrency Digital Assets: Evidence of the Emergence of Cryptocurrency Securities Markets as an Investment Asset Class, 2018-2023",
   "url": "https://doi.org/10.33423/jaf.v23i2.6090"
  }
 ],
 "batch_id": "kaal-review:2026-08-08:continuous-crossref-0011-oldest-0050-reviewed-v1",
 "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/2026-08-08-094",
 "canonicalForm": "https://wulfkaal.github.io/positions/2026-08-08-094.md",
 "candidateId": "kaal:response-draft:2026-08-08:4a89f7e92365fccbe77b",
 "evidenceLevel": "abstract indexed",
 "reviewTier": "substantively reviewed abstract-level qualification",
 "mappingConfidence": 0.62,
 "mappingAmbiguous": false,
 "mappingMethod": "complete-corpus source-proposition mechanism and scope adjudication",
 "mappingWhyRelevant": "The source reports no significant risk-adjusted return difference between FANG stocks and Bitcoin. This supplies evidence of similarity on one performance dimension corresponding to Kaal's observation that stocks and cryptocurrencies can appear similar, but it does not address the abuse, legal, acceptance, or use differences on which Kaal's regulatory distinction rests.",
 "sourceProvenance": {
  "source": "crossref",
  "sourceRecordId": "10.33423/jaf.v23i2.6090",
  "queryId": "concept:cdce38cb65b9",
  "queryText": "digital assets securities regulation",
  "canonicalUrl": "https://doi.org/10.33423/jaf.v23i2.6090",
  "doi": "10.33423/jaf.v23i2.6090",
  "externalIds": {
   "DOI": "10.33423/jaf.v23i2.6090",
   "Crossref": "10.33423/jaf.v23i2.6090"
  },
  "retrievedAt": "2026-08-09T08:12:12.262Z",
  "providerPage": 1,
  "rawObservationSha256": "9888f64fa45739db0e168b204086477057524e6118621261d0930ece48f01d8f",
  "inputSnapshotSha256": "5829c2764f83b19514a4b2695814ab254455f8d877e9703dbc39c64312d8e000",
  "inputLine": 5063,
  "chunkId": "crossref-00001",
  "workId": "work:doi:10.33423/jaf.v23i2.6090",
  "workAuthors": [
   "Mitchell Miller",
   "Dale Prondzinski"
  ],
  "workPublishedAt": "2023-06-05",
  "identityKeys": [
   "doi:10.33423/jaf.v23i2.6090",
   "crossref:10.33423/jaf.v23i2.6090",
   "url:https://doi.org/10.33423/jaf.v23i2.6090",
   "title:6a5ff7be1eeaefd5bbd243ce",
   "proposition:dc0891e65973fe221a0feca4ce19da9128e4f1777cac868d0ebf3b1781cc9c5c"
  ],
  "sourceProposition": "The results found no significant difference between the returns of the FANG stocks and Bitcoin on a risk-adjusted basis.",
  "sourcePropositionSha256": "7c629a23b6e9918689614c4fd8718fc9dc209bc94380cb7107454b8b76a07511",
  "sourcePropositionIndex": 2,
  "claimMappings": [
   {
    "claimId": "kaal:claim:4033886-018",
    "claimUrl": "https://wulfkaal.github.io/claims/4033886-018",
    "rank": 1,
    "confidence": 0.62,
    "method": "complete-corpus source-proposition mechanism and scope adjudication",
    "whyRelevant": "The source reports no significant risk-adjusted return difference between FANG stocks and Bitcoin. This supplies evidence of similarity on one performance dimension corresponding to Kaal's observation that stocks and cryptocurrencies can appear similar, but it does not address the abuse, legal, acceptance, or use differences on which Kaal's regulatory distinction rests.",
    "ambiguous": false
   }
  ],
  "substantiveReview": {
   "disposition": "retained",
   "reviewVersion": "kaal-continuous-crossref-substantive-review-v1",
   "reviewedAt": "2026-08-09T11:19:10.476Z",
   "reviewer": "Codex continuous substantive reviewer",
   "rationale": "The source reports no significant risk-adjusted return difference between FANG stocks and Bitcoin. This supplies evidence of similarity on one performance dimension corresponding to Kaal's observation that stocks and cryptocurrencies can appear similar, but it does not address the abuse, legal, acceptance, or use differences on which Kaal's regulatory distinction rests.",
   "limitations": [
    "Evidence is limited to an exact proposition in a Crossref-indexed abstract; full text was not reviewed.",
    "No relationship is treated as external endorsement, citation, causation, or validation of a broader Kaal claim.",
    "The source reports no significant risk-adjusted return difference between FANG stocks and Bitcoin. This supplies evidence of similarity on one performance dimension corresponding to Kaal's observation that stocks and cryptocurrencies can appear similar, but it does not address the abuse, legal, acceptance, or use differences on which Kaal's regulatory distinction rests."
   ],
   "sourceIdentity": {
    "status": "verified",
    "source": "Crossref REST work record",
    "doi": "10.33423/jaf.v23i2.6090",
    "title": "Cryptocurrency Digital Assets: Evidence of the Emergence of Cryptocurrency Securities Markets as an Investment Asset Class, 2018-2023",
    "authors": [
     "Mitchell Miller",
     "Dale Prondzinski"
    ],
    "language": null,
    "publisher": "North American Business Press",
    "checkedAt": "2026-08-09T11:19:10.476Z",
    "responseBodySha256": "1a305549d2fc01a7f0405d7e73e588c194820a4bd6f9a8545bd067c273c75158",
    "providerReceipt": {
     "path": "outputs/historical-backfill-2026-08-08-crossref/raw-receipts/crossref-011-00001.json",
     "sha256": "2998f6673b80a099a0a86027403f2a47b9817253198451e573a940b3f80cf5c2",
     "byteLength": 2030401
    }
   },
   "independentRationale": "The exact proposition is present in the live Crossref abstract and the deposited reference list contains no Kaal-authored reference; the relationship is limited to the independently stated proposition.",
   "nonOverlap": {
    "candidateIdMatches": 0,
    "canonicalUrlMatches": 0,
    "propositionHashMatches": 0
   }
  }
 },
 "userAffirmation": "Automatically authorized under standing authority receipt kaal-standing-publication-authorization:2026-08-01:hourly-reviewed-batches, SHA-256 e2126054b58bb4e88db65c334ef4fc8ae78dcaadc63543c408133c4eefceb9b1, limited to this substantively reviewed batch and the unchanged 5,033 scholarly claims.",
 "sha256": "bab27d1a5602f10f80e2ca3ac4026c2fb0ac9737a046b96b56884eb4ce8d9ab0"
}
