Crypto a Long Way From Mainstream Adoption at Law Firms
Technology and Innovation Partner Josias Dewey spoke with Law360 about law firms accepting cryptocurrency as payment and the possible risks of doing so. Because of the technical and legal challenges involved, very few law firms currently accept cryptocurrency like Bitcoin as payment. Mr. Dewey commented that cryptocurrency is easy to exchange for U.S. dollars, so when clients don't want to liquidate their cryptocurrency to pay a law firm in U.S. dollars, that raises issues for the firm.
For example, are clients "trying not to disclose the source of the funds or are they trying to engage in tax evasion?" he said.
Mr. Dewey also commented that anti-money laundering regulations placing liability on law firms to know where a cryptocurrency originated could also discourage firms from accepting cryptocurrency payments.
"Those types of [regulations] could make it less attractive just because of the potential liability," he said.
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