The increasing adoption of Bitcoin and Blockchain technology is forcing businesses to evolve. Many businesses have started exploring the potential use of blockchain technology in their operations. As they prepare for a drastic shift from conventional practices, there are many legal implications that need to be considered.
To keep up with the changing requirements of its clients, Steptoe and Johnson has announced a shift in its practice as well. Steptoe and Johnson is a leading international law firm that employs over 500 lawyers across the world. The firm has been active in blockchain practice for a while now. However, the practice was confined to Bitcoin and blockchain technology related businesses so far.
The recent shift from blockchain practice to a full-fledged multidisciplinary practice allows Steptoe and Johnson to work with clients from various industries on blockchain related applications. A new team has been formed by the law firm to assist its clients in preparation and implementation of Bitcoin technology. Members of this new multidisciplinary blockchain practice team include former Deputy Assistant Attorney General with the US Department of Justice – Jason Weinstein and Alan Cohn who has formerly served as an Assistant Secretary at the Department of Homeland Security.
The Chairman of Steptoe and Johnson, Philip West says,
“Steptoe has been a leader in this industry since day one. With Alan and Jason, we already had one of the best-regarded blockchain teams of any major law firm, By combining our firm’s blockchain experience with seasoned lawyers across industry sectors, Steptoe believes it can provide a unique set of services to a wide array of clients, helping them not only understand this technology but also determine the feasibility of applying this technology in their business and sector, and ultimately, utilizing this technology in the most efficient, secure manner in compliance with all relevant laws and regulations.”
According to a release by Steptoe and Johnson, the duo will be working with the firm’s practice groups. These practice groups cater to different industry segments and the new team will help them advise their clients on Bitcoin and blockchain technology related issues. Steptoe and Johnson already has a good working relationship with the Bitcoin industry. The firm serves as an advisor to leading digital currency advocacy groups like Coin Center and the Chamber of Digital Commerce. In addition, the firm has also advised a number of investors, entrepreneurs, exchanges, Bitcoin payments services and other stakeholders of the digital currency ecosystem.
The vast experience in mainstream cryptocurrency industry will help the firm offer advice and guidance for the implementation of blockchain technology in other industries.