Technology not only impacts the way people carry out their personal lives but it drastically affects the way companies carry out their business. Technology has drastically changed communication, transportation, and is now beginning to change the financial industry. Financial services are one of the most strictly regulated industries, and with the introduction of new cybercurrency technology, consumers, corporations, and regulators all have questions.
Companies who are using blockchain technology are encountering many legal issues they have never faced before. Steptoe & Johnson, a law firm, has decided to expand their practice and create a multidisciplinary blockchain practice to help advise their clients. Under the supervision of the lead attorney for the blockchain practice, who oversaw the U.S. Department of Homeland Security’s cyber policy office, and a former Deputy Assistant Attorney General for the U.S. Department of Justice, Steptoe is reorganizing their practice to be able to better serve their clients.
Ten months prior to this expansion, these two attorneys created the Blockchain Alliance. The Blockchain Alliance is comprised of over twenty-five companies from the blockchain industry, and twenty-five government agencies, both domestically and internationally. This alliance was created by gathering like-minded companies and reaching out to law enforcement agencies in an attempt to protect public safety from malicious use of cybercurrency and promote the growth of the entire blockchain industry. Currently, the main focus of the alliance has been to educate the blockchain industry on what law enforcement and government agencies expect from companies who partake in the usage of blockchain technology.
Stemming from the Blockchain Alliance, Steptoe & Johnson are now launching their new multidisciplinary blockchain practice. Previously, Steptoe has defended companies against government investigation, counseled blockchain companies and served as an advisor to the Chamber of Digital Commerce and the Coin Center. As well as continuing those practices, Steptoe will be counseling any company or individual who is affected by the blockchain.
With the expanding cybercurrency technology, more and more industries are being affected. Steptoe is tailoring their practice to be able to advise and counsel on how to handle this evolving technology. These industries include areas such as environmental law, energy, international regulation and compliance, international trade, and governmental affairs. Because this is such a new type of technology, many legal issues arise. Lawyers working with clients must determine which legal regimes apply to their clients. From there, they must work on strategic plans that will benefit their clients’ needs. Overall, the attorney’s role will not change; this is merely a new and evolving field for lawyers to become immersed in.
The attorneys working with Steptoe are paying very close attention to the public policy concerns surrounding blockchain technology. By using their knowledge gained from interactions in the Blockchain Alliance, as well as the localized issues that will arise in their multidisciplinary blockchain practice, they want to help shape new, effective and fair regulations. By working with all parties surrounding blockchain technology, there is hope the regulations that will be put into action will be fair and effective for all parties involved.
Steptoe & Johnson may be the first law firm to create their own specific practice surrounding blockchain technology, but they are certainly not going to be the last. Blockchain technology is constantly evolving and there is certainly going to be more than enough work for other law firms to enter into.
Link: https://www.cryptocoinsnews.com/global-law-firm-launches-multidisciplinary-blockchain-practice/
I also listened to an episode from the podcast Unchained: Big Ideas From the Worlds of Blockchain and Fintech. The episode was from August 9 titled, How the Blockchain Alliance Helps Law Enforcement with Bitcoin Crime and Developments Like the DAO. I listened to the podcast through iTunes.
This JHTL Contributor has chosen to remain anonymous.
Disclaimer: The views expressed in this blog are the views of the author alone and do not represent the views of JHTL or Suffolk University Law School.
