Crypto Industry Can't Hire Enough Lawyers (wsj.com) 23
The cryptocurrency industry is ramping up efforts to recruit more legal talent as it faces increased regulatory pressure while looking to be accepted by and become part of mainstream finance. From a report: Crypto exchanges and companies are poaching attorneys left and right, from both law firms and other crypto companies, bringing them in-house to help navigate an evolving regulatory landscape while helping to curb outside legal expenses, industry participants said. Law firms, which are sometimes losing their partners to in-house positions, are also building up their crypto practices to maintain that valuable expertise. The increased demand for lawyers also marks a turning point for crypto, whose early supporters often expressed skepticism of regulation. The industry has been expanding rapidly with hopes of attracting more mainstream investment opportunities and many are embracing the stance that they want regulatory clarity.
will deal with criminal accessory as well? (Score:5, Insightful)
will deal with criminal accessory as well?
As the exchanges may end on the hook for criminal accessory for things like
CP
murder for hire
money laundering
drug charges
drug Money Mules
"Is this legal?" (Score:5, Funny)
Crypto company: "Is this legal?"
Lawyer: "No."
Crypto company: "How do we make this legal?"
Lawyer: "You don't."
Crypto company: "Can you help us make this legal?"
Laywer: "No. I'd get disbarred."
you can't handle the truth! (Score:2)
you can't handle the truth
Re: you can't handle the truth! (Score:2)
Re: (Score:3)
What's a little wash trading between friends, surely that's not illegal.
Re: (Score:3)
Re: "Is this legal?" (Score:2)
And if a dirty lawyer is found that lawyer could end up in prison as well.
Re: (Score:2)
Lawyer: "That's not a loophole, it's still illegal"
CC: "But I read it on the internet"
Why does an unregulated system need lawyers? (Score:4, Insightful)
Re: Why does an unregulated system need lawyers? (Score:2)
Even worse - someone from the wrong party got sponsored with "anonymous" money during an election.
Re: (Score:1)
I am not a lawyer. As best I understand it, minting your own money is not illegal in the United States. Laundry and bus cards and arcade tokens are examples of legally created currencies. Those styles of tokens are obviously used today in varying parts of the economy. The trouble as best I understand it is more like, we don't know what the hell they are making.
Let me give an example. There were some ape pointers that were sold. By pointer I mean in code you can point to something rather than be that th
So the real winners... (Score:3)
...will be the lawyers.
Every crypto brokerage in the world could go bust, but the lawyers will get rich watching them burn.
Re: (Score:2)
I know, right? It sounds pretty sweet.
Shortage!!!! (Score:4, Insightful)
You know what this means, we need to steal all the lawyers from poorer countries by relaxing immigration law for lawyers into the US. If you disagree, it's because you're a racist!
If this doesn't work, we can just indoctrinate more innocent children into the perspective that they must leverage their life savings into becoming a lawyer. It matters not that they have no natural capacity or interest in the subject.
If there's one thing America needs, (Score:4, Funny)
it's more lawyers.
Can you imagine a world without lawyers? [youtube.com]
There ARE some things even a lawyer won't do. (Score:4, Funny)
Re: (Score:2)
I am an attorney, and I would rather take a job parking cars than to work for a cryptocurrency company.
You know an industry has gone to the dogs when (Score:3)
Maybe they could (Score:2)
All the lawyers in the world (Score:2)
All the lawyers in the world won't help them.
The life-settlements business went through this 20 years ago. That industry was similar it that was creating securities based on a dubious proposition of underling value, a persons life where the policy holders claim to have what as traditionally been considered an 'insurable interest' was tenuous at best. Coupled with Universal life polices that industry also had something in common with the crytpo bros, it was widely used for tax-evasion, and laundering.
All the