Lawyers also will be needed to determine rules for trading blockchain assets, to help structure new financial products, and to clarify how consumer protections apply to digital token sales.
“At least once a day I have a call with some firm and they’re interested in getting involved,” he said.
Proponents believe potential blockchain applications go far beyond the cryptocurrency world, and could have an internet-like, transformational effect on the way business will be transacted across sectors, from healthcare to finance.
Dax Hansen founded Perkins Coie’s blockchain practice group long before the digital transaction and record-keeping platform was heralded as a game-changer.
For example, lawyers now are needed to help determine which laws apply when it comes to transferring digital tokens, and whether or when those tokens should be considered securities, commodities or currencies.