Despite Slumping Market, 2022 Big Year for Cryptocurrency In-House Counsel
Intellectual Property attorney Thomas Brooke spoke with Corporate Counsel about the massive and rapid growth of cryptocurrency in 2022 and the position of in-house counsel within the blockchain industry. This article highlights evidence of growth across a number of companies, but also describes the coinciding challenges the industry experienced following the crash of the cryptocurrency markets in May and June. Mr. Brooke discussed one of the major challenges facing crypto companies: legal obstacles and obligations.
“We’ve seen this in every growth industry,” Mr. Brooke said. “Any time there’s a new development, the inventors, the founders and engineers get geared up and they realize they don’t like paying legal fees.” He said companies come to recognize that it’s better to pay those legal costs now in the form of in-house expertise rather than down the line in the form of lawsuit payouts and regulatory fines.
He expects escalating regulatory pressures fueled by 2022′s carnage to accelerate the crypto industry’s efforts to recruit top-notch legal counsel. “Some cryptocurrency companies will be here in a few years, but many won’t,” he said. “Those who survive will turn themselves into trustworthy companies.”
READ: Despite Slumping Market, 2022 Big Year for Cryptocurrency In-House Counsel (Subscription required)