advertisement

Crypto Payments Now Acceptable by D.C. Lawyers, Says D.C Bar

Robinhood

Lawyers inducted into the Washington D.C. Bar association now have the option of receiving crypto payments for their legal services. 

According to the DC Bar, lawyers can go ahead and accept crypto payments for legal services provided the fee is “reasonable”. For advance payments, the Bar stated that the fees must also be “objectively fair”, and agreed to in writing.

In addition to the stated conditions, the DC Bar stated that any lawyer who accepts crypto payments must assume the responsibility of safeguarding the digital asset. This condition applies to both advance fees and settlement fees.

The DC Bar justified its decision to legalize crypto payments for its lawyers, stating that:

“We do not perceive any basis in the Rules of Professional Conduct for treating cryptocurrency as a uniquely unethical form of payment. Cryptocurrency is, ultimately, simply a relatively new means of transferring economic value, and the Rules are flexible enough to provide for the protection of clients’ interests and property without rejecting advances in technologies.”

The DC Bar is not the first to allow crypto payments for lawyers in the US. Its approval is coming two years after Nebraska and North Carolina’s approval back in 2018. The New York Bar association joined them in July 2019.

Image Credits: Pixabay

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.