The Imperative of Technical Expertise in Cryptocurrency Law: A Call to Action for Lawyers

The author, Justin Wales, argues that lawyers specializing in cryptocurrency and digital assets should have a deep understanding of the underlying technologies they represent before courts and regulators. While some prominent lawyers in the industry may dismiss the importance of technical knowledge, the author highlights the significant harm caused by lawyers who treat cryptocurrency as a novel curiosity instead of a transformative technology. Such detachment between the industry and its advocates is not only unhelpful but also financially and strategically costly for clients navigating regulatory challenges. The author suggests that lawyers who believe in the potential of cryptocurrency should engage in continuous self-study and develop expertise in the relevant areas of law and financial regulation. The author recommends resources like “The Crypto Legal Handbook” to help lawyers and entrepreneurs grasp the technological, historical, and legal aspects of cryptocurrency. Ultimately, the author contends that lawyers should be able to effectively articulate the vision for the future of cryptocurrency, given its potential to reshape our understanding of money, privacy, and governance.