Bloomberg Reviews LMRM: Cryptocurrency Payments May Pose Ethical Risks for Lawyers
Reporter Melissa Heelan Stanzione of Bloomberg wrote about a panel at the recently-concluded Hinshaw LMRM Conference. Titled "Cryptocurrency: Show Me the Money," the panel reviewed the ethical risks for lawyers when accepting payment in the form of cryptocurrency. Hinshaw's Rick Supple and Matthew K. Roskoski, of Latham & Watkins LLP presented the panel.
The pair highlighted two ethical pitfalls: first, accepting cryptocurrency as trust money and second, the implications of the IRS treating cryptocurrency as property rather than currency.
Supple and Roskoski also considered the risks of representing a client in an Initial Coin Offering (ICO). SEC Chairman Jay Clayton said in 2018 that an ICO is a securities offering. He's called lawyers the gatekeepers of securities law, a statement that Roskoski said suggests Clayton believes lawyers should police the space.
"Client Cryptocurrency Payments May Pose Ethical Risks for Lawyers" was published by Bloomberg Big Law Business, March 11, 2019.