• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
crypto
Nexo

“The Brain Drain Is Real”, Crypto Space Thirsts For Lawyers As Regulatory Pressure Mounts

Reynaldo Marquez by Reynaldo Marquez
3 weeks ago
in Crypto News
0

Per a recent report from the Wall Street Journal, crypto companies are strengthening their legal departments. As a reaction to an increase in regulatory and political pressure on blockchain-based companies, the repercussions have caused a ripple effect across multiple sectors.

Related Reading | Did The Central African Republic Adopt Bitcoin As Legal Tender? Here’s The 411

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In an article titled “Crypto Industry Can’t Hire Enough Lawyers”, Menggi Sun reports on this sector’s efforts to lure talent from the traditional sector. The results have been a brain drain as more talent embraces the crypto industry.

In the space, the demand for legal talent has increased their financial compensation. Sun reports that senior positions can see as many as seven figures packages with additional privileges. They get to work in small companies, be part of management decisions, and more.

The article quotes John Wolf Konstant, senior consultant at Whistler a firm focused on legal recruitment for tech companies:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

In (the crypto) space, the consensus is you need to have someone in-house early. Especially since investors are going to require that, you need to have someone there to help chaperone the process and to make sure everything is buttoned up from the start.

In addition, Sun quotes a tweet from Marco Santori, Chief Legal Officer for crypto exchange platform Kraken. Therein, the executive claims that the platform was getting ready to hire 30 lawyers or more. He asked his followers: “Can I acquire a law firm?”

Santori’s tweet highlights the increasing demand for legal talent, but also the need to create departments to fit their own needs. The crypto industry is moving rapidly, as mentioned, and many platforms are operating as banks, loan/savings, and futures trading, and they demand a different approach.

You guys we are literally building a new kind of bank.

and a crypto exchange.

and a futures offering.

and we're doing it globally.

we need lawyers.

— Marco Santori (@msantoriESQ) February 7, 2022

Santori told Sun the following:

We are attracting the best lawyers from both traditional finance and white-shoe firms. The brain drain is real and we couldn’t be happier with it.

Crypto Under Fire, Prepares To Push Back?

The report claims that crypto companies have been absorbing 10% to 15% of all the placements from recruiting companies. Some legal firms even claim to be working on as many as 10 in-house projects in the space. The demand is massive, and it is justified.

As Bitcoinist reported, the state of New York is currently working on a potential ban on Proof-of-Work mining, DeFi companies have been scrutinized by U.S. regulators and politicians, others have been pushed out of certain states and banned from offering their products to citizens.

In Asia, the situation seems far worse with China banning PoW mining across its territory and cracking down on any crypto-related operation. The European Union (EU) follows the same path as it prepares to introduce legislation that could compromise the users’ privacy.

In the current regulatory and political outlook for the space, seems logical that some companies want to buy entire law firms.

Related Reading | EU Tightens Noose Around Bitcoin Price To Protect Ethereum, Internal Documents Reveal

At the time of writing, Bitcoin (BTC) trades at $40,200 with a 1% profit in the last 24-hours.

Bitcoin BTC BTCUSD
BTC sees gains during today’s trading session on the 4-hour chart. Source: BTCUSD Tradingview
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Reynaldo Marquez

Reynaldo Marquez

Related Posts

DAO

DAO For Abortion, Anyone?

5 mins ago
Goldman

Goldman Sachs And Barclays’ Investment In Elwood Tech A Major Triumph For Crypto Adoption

1 day ago
crypto

Crypto Regulators From 5 Countries Identify A Potential $1 Billion Ponzi Scheme

2 days ago
Kraken

Kraken CEO Shuts Down San Francisco Headquarters – Here’s Why

2 days ago
Stablecoins

Stablecoins Receive Queen’s Blessings As UK Braces For Landmark Crypto Legislation

2 days ago
LUNA

LUNA Investors ‘Suicidal’ After Crypto’s Collapse – Do Kwon Says He’s ‘Heartbroken’

3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.