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Browse: Home / 2018 / June / 06 / Why Law Firms Should Never Accept Their Fees in Cryptocurrency | John Reed Stark

Why Law Firms Should Never Accept Their Fees in Cryptocurrency | John Reed Stark

By Securities Docket on June 6, 2018, 7:12 am

Law firms are increasingly accepting cryptocurrency as payment for services – this might seem innovative and forward thinking, but ironically, it is much more of a throwback.

Given that the U.S. Internal Revenue Service does not yet classify cryptocurrencies as legal tender, cryptocurrency is instead “property.” This means that lawyers accepting cryptocurrency are more akin to famed lawyer (albeit fictional) Atticus Finch than famed bitcoin creator (albeit quasi-fictional) Satoshi Nakamoto.

via Why Law Firms Should Never Accept Their Fees in Cryptocurrency | John Reed Stark

Posted in Industry, Top | Tagged Cryptocurrency, Law firms

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