Monday , 13 July 2020

DC Bar Association Gives Nod to Crypto Payments For Lawyers

Four bar associations across the United States have now issued opinions stating they are not opposed to cryptocurrency or digital currency as a form of payment for an advance or services rendered.

The District of Columbia Bar Association (DCB) became the most recent, releasing an ethics opinion which states that lawyers in the nation’s capital could accept cryptocurrency as a form of payment as long as the fee is reasonable and objectively fair to clients. According to the DCB, any lawyer who accepts crypto as payment must also take “competent and reasonable security precautions to safeguard that property”. 

Other bars accepting digital payments

The DCB currently has roughly 100,000 members, making it one of the larger bar associations in the U.S. to state it is “not unethical for a lawyer to accept cryptocurrency.” 

The New York City bar association issued a statement in July 2019 calling crypto payments “business transactions”, while the DCB refers to them as “payment in property” rather than in fiat. 

Bar associations in Nebraska and North Carolina were the earliest organizations to issue statements on crypto for lawyers in 2018. The Nebraska Bar singled out Bitcoin (BTC) in particular and called attention to illegal uses of digital currency, naming Silk Road, the online contraband market infamous for its associations with crypto, as one example.

However, the North Carolina Bar may have written the most skeptical opinion questioning the ethics of crypto as payment. Though ultimately agreeing cryptocurrency is a form of property, it recommended against investing in virtual currency:

“The bulk of people we know regard Bitcoin as “shady money,” and they may well regard lawyers accepting Bitcoin as “shady lawyers.” Will Bitcoin be legitimized one day in the eyes of average Joes and Janes? Maybe—but not soon.”

Why now?

Though the DCB refers to crypto as a “volatile alternative currency” that “raises ethical challenge for lawyers,” it also admits digital currency may be in everyone’s future:

“Lawyers cannot hold back the tides of change even if they would like to, and cryptocurrency is increasingly accepted as a payment method by vendors and service providers, including lawyers […] the rules are flexible enough to provide for the protection of clients’ interests and property without rejecting advances in technologies.”


Source link

Check Also

Park Won-soon, Seoul mayor and human rights lawyer, dies at 64

Park Won-soon is interviewed by the JoongAng Sunday on April 9, 2019. [SHIN IN-SEOP]   …

Murphy named in 2020 Mountain States Super Lawyers – Billings Gazette

Murphy named in 2020 Mountain States Super Lawyers  Billings Gazette Source link

Scots lawyer who showed up to court in Celtic top was caught with dope after police search

A lawyer has admitted being in possession of cannabis in court. Michael McKeown was caught …

MO: MCCLOSKEYS’ LAWYER GIVES GUN TO POLICE | CNN – WFMZ Allentown

MO: MCCLOSKEYS’ LAWYER GIVES GUN TO POLICE | CNN  WFMZ Allentown Source link

Get off our lawn: Gung-ho St. Louis lawyer couple’s long history of legal fights

A St. Louis couple who made headlines nationwide for standing on their porch brandishing guns …

Facebook Live with Immigration lawyer Aparna Dave Sunday at 10:30 EST

Dave will take questions on new H-1B and F-1 visa rule changes. The American Bazaar …

Prince Andrew in Epstein’s video tapes, lawyer for Virginia Roberts says

The lawyer for Virginia Roberts says Prince Andrew is definitely featured in the tapes filmed …

Trump commuting Stone’s sentence should outrage GOP lawyer says – MSNBC

Trump commuting Stone’s sentence should outrage GOP lawyer says  MSNBC Source link

Police Have Mark McCloskey and Patricia McCloskey’s Guns

Two attorneys in St. Louis who pointed firearms at Black Lives Matter protesters had one …

Prince Albert lawyer facing professional misconduct charge granted appeal

Courts ruled to grant an appeal to a long-serving lawyer from Prince Albert in a case …

Leave a Reply

×