Many people in the Bitcoin world aren’t too keen on regulation and legislation. That sentiment seems to be justified, as proposals such as BitLicense and AB 1326 go to show these guidelines can kill off innovation rather easily. But Steptoe & Johnson is taking a different approach, as they venture into the world of Bitcoin on purpose.
Major Law Firm Backing Bitcoin Companies is A Good Thing
Regardless of how people want to look at things, Bitcoin entrepreneurs and startups will need legal counsel at some point along the way. That is much easier said than done, though, as very few law firms show an interest in cryptocurrency. Steptoe & Johnson can be a valuable ally in this regard, as they have expanded their practice to encompass Bitcoin technology.
Steptoe & Johnson partner Jason Weinstein stated:
“The blockchain, like the internet, is going to have an impact on just about every existing type of institution in the years ahead — both private sector and government. So having a multidisciplinary blockchain practice puts the firm in the best possible position to help a wide variety of clients in a wide variety of industries prepare for that transition.”
The success and potential of blockchain technology should not be ignored by any means. At the same time, existing regulations and legislation are not suited to accommodate this innovative technology. As a result, a lot of startups run into legal trouble during the early stages. For some, things won’t end well, and they have to shut down their business. With an active law firm by their side, these issues should become non-existent over time.
Steptoe & Johnson has built up a lot of expertise when it comes t guiding entrepreneurs and startups. They have even aided retailers and payment processors in the Bitcoin industry before. It is possible the idea to expand their business stems forth from these experiences, are there are legal struggles that need to be overcome.
Interestingly enough, Steptoe & Johnson is also an advisor to both the Chamber of Digital Commerce and Coin Center. Moreover, they co-founded the Blockchain Alliance, which focuses on educating law enforcement about Bitcoin and its technology. All in all, this is great news for the Bitcoin ecosystem.
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