Overview
American Lawyer featured Jason Weinstein and Alan Cohn, co-leaders of Steptoe's Blockchain & Cryptocurrency practice, in a May 10 article titled "What It Takes to Successfully Service the Booming NFT Market." The article discusses just how challenging it can be for law firms to keep up with the evolving demands of the non-fungible token (NFT) market and what it takes to get it right as the market value for NFTs continues rise.
American Lawyer observed that to provide counsel in the market, it requires more than just knowledge of NFT transactions, but also data security, intellectual property, public policy and more, as clients have multifaceted needs when it comes to NFTs.
Weinstein told the outlet that his and Cohn'’s goal when setting up Steptoe’s Blockchain & Cryptocurrency practice was to "…have a 'small core' of people who oversee the practice, but then have 'representation' in all the different practice groups that are 'otherwise central to the firm,' and have 'crypto people' in each of those groups."
Cohn added, "As platforms and technologies mature to a certain size, and as creator communities mature, there's a recognition that they need to be involved in the public policy space….We've seen in the NFT space a rapid progression of needs from traditional legal services—with compliance, regulatory and corporate tax—proceeding to public policy."
Weinstein also noted that NFTs and other digital assets are not quite in the "Wild West" as some make them out to be. He said, "It's more a case of too many sheriffs—at least from a regulatory, public policy and enforcement perspective….And each of them wants to be in the lead." D.C. firms, like Steptoe, are well-positioned to help clients navigate regulators and enforcement agencies such as the IRS, Securities and Exchange Commission, Department of Justice, and Homeland Security.
The full article can be read at American Lawyer (subscription required).
