The Letter makes clear that the time is now for a fintech sea-change. For fintech lawyers, this is not just a matter of doing what is right, it may also be a matter of self-preservation. Reading between the lines, The Letter puts fintech lawyers on notice that when things go south, lawyers could become perfect targets for culpability, including for malpractice suits, regulatory enforcement actions and even criminal prosecutions.
After all, in light of The Letter, how could any lawyer facilitate a crypto-partnership deal like the Nationals did; draft a contract for a crypto-commercial like Embiid did; or support engaging a 5-person Cayman Islands firm serve as an auditor like Tether did?
Source: (6) Time For Fintech Lawyers To Rethink Web3 Engagements | LinkedIn
