Usage of cryptocurrencies are associated with legal issues, and therefore mainstream adoption is the major point of focus.
Several Law Firms have recently begun accepting cryptocurrency payments; however, there are potential risks associated with this transformation.
Mathew K Roskoski, deputy general counsel at Latham & Watkins, previously admitted that some lawyers accept digital assets. These lawyers were “hip and cool and on top of stuff.” When cryptocurrency is transferred from the client to the lawyer, the major point of discussion has been about the appreciation of assets.
Mathew K Roskoski, stated, “Cryptocurrency does not fit with the model for trust funds — lawyers should not accept cryptocurrency as trust money.”
There are complex regulations associated with cryptocurrency. When a cryptocurrency exchange is happening between a lawyer and a client, many things come in to play as it requires both the parties to be wholly committed to the deal. Several states have worked their way around the concept of appreciation of digital assets, and they have ruled that these payments are acceptable for as long as the assets are sold and liquidated into fiat right away.
Hester Pierce, SEC Commissioner, stated: “At the SEC, we’ve been unwilling to sign off on a Bitcoin ETF, an exchange-traded product based on Bitcoin. My concern about our approach in that area is it looks a little bit like a merit-based approach judging the underlying Bitcoin markets.”
Herb Needham, Founder, and CEO of H&M Distributors, sometime back stated that they would be adding Lightning Network as their new payment option.
He stated, “Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.”
Chimpion the e-commerce platform enables most of the merchants to begin accepting cryptocurrency payments online. Chimpion is used by H&M Distributors for their cryptocurrency transactions.
“We build technology engineering products and platforms that leverage AI. This includes machine learning, computer vision through deep learning, and advanced natural language processing for various verticals.”
Douglas from Shift Crypto security stated, “Compared to similar events we attended in the past, we found that both visitors and exhibitors were more tech-savvy and knowledgeable about the crypto-world in general. That was a big plus and made it more fun for our team,” when talking about their time at MWC where they exhibited as a part of Swiss Pavilion supported by Switzerland Global Enterprise and Innosuisse.