Although it might go against a lawyer’s natural propensities toward risk aversion, some practitioners have started accepting payments in digital currencies amid the bitcoin boom.
“I’ve known for a long time that my opportunity to expand in certain areas has been affected by not taking it,” said Carol Van Cleef, a Washington, D.C. lawyer who for 10 years has represented cryptocurrency clients with regulatory compliance.
As far back as 2013, a handful of big law firms that represented the earliest cryptocurrency entrepreneurs started accepting bitcoin payments. Today, big and small firms alike, as well as solo practitioners, have followed their lead and have accepted cryptocurrency’s risks in order to meet clients’ needs and get paid.
Once upon a time there was a hero who took down the corrupt French Maid, who had manipulated and stolen from the Dread Pirate Roberts on The Silk Road.
It sounds like the plot line of a swashbuckler movie, but actually, it’s part of the tale of Kathryn Haun’s rise as a federal prosecutor who helped lay the groundwork for the government to capture cryptocurrency criminals.
Right now, the value of just one bitcoin is hovering around $5,000, leading to rampant media coverage, pushing digital currency lexicon into the mainstream. But wide adoption depends much on the safety and security of the new technology, which is often compared to the Wild West.
Haun, first as a federal prosecutor and now as a bespoke legal consultant for emerging technology companies, has contributed much to beefing up security in the industry. In the U.S. Attorney’s Office for the Northern District of California, she was the first digital currency coordinator. She handled cases that taught prosecutors to work through challenges in convicting cryptocurrency criminals, and sent loud-and-clear messages to digital currency companies to increase financial safeguards.
PDF: Call Her the Constable of Cryptocurrency
Bitcoin. Ethereum. Blockchain. It sounds like a foreign language, clouded in mystery.
But with billions of dollars flowing through cryptocurrency systems, and governments and major companies looking to blockchain technology to reform a wide variety of critical record-keeping systems, law students and lawyers need to get up to speed.
Even with great change brewing, only a smattering of law professors have published research in the area, and even fewer have launched formal classes for law students.
Angela Walch is one of the first law professors who have latched on to the importance of digital currencies and blockchain technology. Starting research in 2012, Walch, who is a professor at St. Mary’s University School of Law in San Antonio, has made a mark in the cryptocurrency community with research that suggested—despite the decentralized promise of blockchain technology—that actual identifiable people govern the systems, and furthermore, they should owe users a fiduciary duty. Walch’s law school course she started in 2013 was pioneering in teaching students about bitcoin and the blockchain.
This story published on law.com on August 7, 2017.
PDF: Don t Know What Blockchain Is You Should This Law Prof Can Help _ Texas Lawyer
A federal judge has ordered the return of 11,000 bitcoins worth about $30 million in a decision considered the first of its kind.
The ruling by U.S. District Judge Kenneth Marra of the U.S. District Court for the Southern District of Florida stems from a class action in which plaintiffs alleged that the defendant had stolen their money and fled to China.
In today’s cryptocurrency world, however, the legal victory might only be worth the paper it’s printed on.
Published on DailyBusinessReview.com on Aug. 1, 2017.
PDF: 30M in Bitcoin Ordered Returned in Cryptocurrency Class Action _ Daily Business Review