December 3, 2017
Cryptocurrency enthusiasts are susceptible to losing funds in many different ways. Aside from human error, there are risks posed by failed ICOs, hacked exchanges, or other calamities. Taylor-Copeland Law is one of the first law firms specializing in these issues. We may be witnessing the creation of a new niche within the legal system as we know it today.
Focusing on Exchanges and ICO Mishaps
It was only a matter of time until law firms started paying attention to cryptocurrency. Especially with all the issues arising over the past few years, there is a booming market for all companies specializing in cryptocurrency. With so many exchanges getting hacked, disappearing, or failing to provide optimal services, a lot of users are often left frustrated.
Moreover, the initial coin offering industry poses several major risks to consumer funds. No one knows for sure if any given ICO project is legitimate or how things will play out once money has been raised. The Tezos ICO is a good example of how things can go awry pretty quickly if problems aren’t addressed in a timely manner. However, there have often been no legal repercussions for exchanges or ICO teams that fail to deliver on their original promises.
That situation is finally changing, thanks to law firms such as Taylor-Copeland Law. The company has a dedicated page on its website explaining how blockchain technologies and cryptocurrencies will have an impact on our daily lives. However, with the regulatory and legal framework still making it difficult for businesses and individuals to comply with the law, something will need to change.
This is why Taylor-Copeland Law decided to provide the guidance investors may need when it comes to the intersection of law and crypto. They claim to specialize in aiding cryptocurrency traders harmed by exchange failures, including so-called “flash crashes“. Considering that we’ve seen a lot more of those crashes in recent months, there are a lot of legal disputes waiting to happen, by the look of things.
Furthermore, the company also provides services relating to initial coin offerings. A lot of investors are harmed by projects and teams which misrepresent their projects and intentions before or during their crowdsales. There need to be legal remedies in this regard as well, which is what this firm aims to provide. Additionally, they focus on the taxation of crypto investment gains and help companies check all the right legal boxes before they decide to organize an ICO.
It is expected that we will see even more law firms focus on these specific areas in the near future. There is a growing contingent of cryptocurrency users who will require legal counsel at one point or another. Whether or not all cryptocurrency users will decide to pursue that option is something else entirely. A lot of users may be somewhat ashamed to admit they were victims of an exchange mishap or a malicious ICO project.