In the US state of Nebraska lawyers are now allowed to accept crypto payments. This is the result of an opinion paper by the Lawyers’ Advisory Committee, an ethics commission established by the highest court in the state.
The committee, which is composed of eight lawyers from the state of Nebraska, devoted itself primarily to answering three questions: Can a lawyer accept digital currencies like Bitcoin as payment for his services? Can a lawyer accept digital currencies as payment from third parties in favor of a client? Is a lawyer able to hold digital currencies in funds or manage them for clients?
Acceptance of crypto currency was fundamentally permitted, but with the restriction that they should be exchanged immediately in US dollars. The reason for this is that a client should not be over-billed. Since crypto threats are very volatile, keeping them longer entails the risk that clients unconsciously pay too much for the services that are provided.
Payments by third parties may also be accepted as long as the payment is not intended to influence the independent relationship of the lawyer to the client. In addition, the attorney must specify the identity of the third party.
According to the Lawyers’ Advisory Committee, the Trustee’s administration of crypto currencies is also allowed, since crypto currencies ” are more a matter of property rather than real currencies”. However, the foreign property must be kept separate from the proprietors’ property of the attorney. In addition, the Opinion Paper recommends the use of Multi-Signature Wallets to keep the equipment safer.
In summary, it can be said that all three questions were answered more or less with yes, with the restrictions being made on the basis of the applicable state law.
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Categories: Crypto Currency