With how cryptocurrency continues to gain more ground, crypto lawyers are beginning to become in demand as exchange, mining, among other crypto firms, require services of these legal talents.
Bloomberg, in a recent article, also predicted that there would be an uptick in demand for crypto lawyers as the digital asset slowly transit and moves out of its regulatory gray zone.
Evident to this claim, also in a number of interviews, it was reported that Coinbase, a leading crypto exchange firm hired former Facebook vice president and deputy general counsel, Paul Grewal, to lead the firms, legal team.
In the interview, it was concluded that the amount of in-house hires in the crypto industry would rise significantly in the future because the crypto market continues to move itself to the financial mainstream.
Another pointer to the fact that crypto lawyers remain in demand is where Macro Santori, Kraken crypto exchange chief legal officer, said to Bloomberg that the exchange legal team would double in size by next year.
Santori believes that crypto firms are ready to take part in international discourse towards developing crypto law as several countries don’t have a sound regulatory framework in place for cryptocurrency.
Ripple’s general counsel, Stuart Alderoty, in an interview with Bloomberg Law, said the crypto world requires smart regulations that both recognize and foster the potential of the technology. He explained that the lack of certain laws in the crypto world makes the industry engaging for lawyers that enjoy intellectual challenge.
Crypto lawyers in Washington DC
Weeks back, Lawyers in Washington DC announced they would begin to accept digital currencies as a means of payment for their legal services.
The lawyers, through their association, Washington DC bar association, stated digital currency is simply a relatively new way of transferring economic value. Although the Bar did not identify crypto as currencies like general fiat currencies, it, however, likens digital currencies to payment in property.
The group advocated that lawyers also should learn and know about blockchain the underlying technology of Bitcoin and other cryptos, to ensure the safety and protection of all advance fees.
Pointers to crypto becoming mainstream finance mode of payment
The industry has experienced major transitions, pointing that digital assets could be entering the financial mainstream. JP Morgan Chase bank recently now work alongside Gemini and Coinbase crypto exchange also, Coinbase is set to be listed on the American Stock Exchange.
Paypal, also a global payment firm, started hiring crypto professionals and now seeking services of engineers.