Cryptocurrencies have exploded in number and popularity over the last few years, and legal practitioners need to start familiarizing themselves with the essentials
by Matthew Verga, JD, Xact Data Discovery
Over the past few years, cryptocurrencies have exploded in popularity and in number, driven in large part by the phenomenal price growth of Bitcoin and Ethereum. By the end of summer last year, there were already more than 1000 different cryptocurrencies with a combined market cap of over $131 billion. Today, those numbers are over 1500 and over $300 billion, and interest and investment are still growing.
Cryptocurrency has also been showing up more and more frequently in the legal industry. Some lawyers and law firms actually accept cryptocurrency payments, despite the risk associated with its price volatility. Additionally, several major firms have begun recruiting lawyers with financial technology expertise and begun marketing groups with cryptocurrency and blockchain specialists. Major cryptocurrency companies have also begun hiring prominent in-house counsel to prepare for the regulatory oversight and litigation that is coming.