Cryptocurrency under Ethical Scanner Yet Again!

The mainstream adoption of cryptocurrency was always debatable, to the extent that many investigative reports were brought up to bring scams related to the industry to the fore. There have been successful tie-ups too, which included crypto partnering with financial institutions. More often than not, there have been positive reviews only. However, there still have been legal issues surrounding the same involving financial bigwigs.

Reports suggest that clients paying lawyers in cryptocurrency may pose an ethical risk for lawyers. This is because the introduction of cryptocurrency into the legal world was recent. It has come to notice that legal firms have started accepting cryptocurrencies as a form of payment, but its sustenance in the world is still questionable.

Some of the legal firms that have started accepting the Bitcoin include Frost Brown Todd LLC, Steptoe and Johnson LLP, and McLaughlin and Stern LLP. On asking why they are okay to the option, they said that this diversifies their customers’ payment mode and thus become a comfort factor. Some lawyers, however, admit to accepting the same because they want to stand out in the clan and want to portray themselves as “hip and cool.” However, what is often neglected is the fact that a lot of rules come into play during such an exchange. Nevertheless, some of the states in the US have worked a way around the issue of appreciation of assets by ruling that these payments are acceptable as long as the assets are sold or liquidated into fiat money right away.

Some law firms, however, are still skeptical, given the new regulations that have come to the fore and the confusion that surrounds them, which has been put forth by the Securities and Exchange Commission. The SEC has often been in the news with its officials claiming to see the negative reaction that surrounds the cryptocurrency.

Speaking to media, Commissioner of the SEC, Hester Pierce said, “At the SEC we’ve been unwilling to sign off on a Bitcoin ETF, an exchange-traded product based on Bitcoin. My concern about our approach in that area is it looks a little bit like a merit-based approach judging the underlying bitcoin markets.”

Crypto prices

On March 12, the price of the Verge was in a bullish trend. The Crypto was at a low of $0.006217 when it commenced a bullish movement. The crypto’s price was making a series of higher highs and higher lows before it reached a high of $0.0070068. Meanwhile, a trend line has been drawn to determine the bullish trend.

Analysts believe that Crypto prices are going to rise. The stochastic indicator is in the overbought region but above the 80% range. This indicates that the crypto’s price is in a strong bullish momentum and a buy signal.

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