Cryptocurrency lawyers will play an increasingly important role in Web 3.0 companies, especially after the FTX scandal, and especially as the industry braces for unregulated turbulence, say two cryptocurrency academics. Right.
Thomas Hook, professor at Boston Law School and director of regulatory compliance at cryptocurrency exchange Bitstamp, told Cointelegraph that Web 3.0 lawyers will soon become “business differentiators” because they will be faced with the tough task of helping companies navigate legal and regulatory uncertainties.
This will ultimately determine how quickly companies can bring their products and services to market, Hook explained:
“Given the lack of clarity of many regulations and their complexity, Web 3.0 companies will continue to need legal and compliance representatives to support them. These types of people are becoming business differentiators, as they can help or hinder their a company quickly reaches the market legally and in compliance with regulations”.
“Without them, companies could suffer setbacks as regulators try to rein in the industry,” Hook added.
The Dr Aaron Lane, Principal Researcher at RMIT’s Blockchain Innovation Hub, told Cointelegraph that, in In today’s environment, Web 3.0 companies should play it safe and seek legal advice when necessary.
“Entrepreneurs are used to making decisions under economic uncertainty, but they are not so good at operating under legal uncertainty.”
Lane explained that the pace of blockchain-based innovation, along with the more than 50 separate digital asset bills introduced in the US Congress in recent times, further illustrates the need.
He believes that some of the lawyers on bettWeb3 will come from the business law sector, which is a “crucial” base for lawyers in the cryptocurrency space.
“A good Web 3.0 lawyer will be a good business lawyer. The best Web 3.0 lawyers today started out as business lawyers of one kind or another, and I hope that that foundational foundation remains crucial.”
“Knowledge of the technologies that make up the Web3 stack will be increasingly in demand over the next decade,” Lane stressed however.
For now, however, the sector continues to be “very niche”, according to the founder of CryptoRecruit, Neil Dundon.
Lane added that most of the legal representation of Web 3.0 companies is provided by outside lawyers rather than in-house, They focus more on cases related to financial services and securities law.
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