Navigating the complex and ever-evolving world of cryptocurrency and legal frameworks requires a keen mind and a robust resource. Enter Justin Wales, a seasoned crypto lawyer and the author of “The Crypto Legal Handbook: A Guide to the Laws of Crypto, Web3, and the Decentralized World.” This handbook is not just a primer but a deep dive into the intricacies of crypto law, tailored to demystify the subject for beginners and experts alike.
With over a decade of experience in the field, Justin has crafted a resource that addresses the burning questions of aspiring lawyers and seasoned practitioners. What prompted him to write this essential guide? How does it cater to those without a legal or technical background? These questions and more will be explored in our insightful discussion below. Join us as we delve into the motivations, challenges, and triumphs of crafting a handbook that aims to educate and inspire its readers.
Olga V. Mack: What pivotal moment convinced you to write “The Crypto Legal Handbook”?
Justin Wales: I’ve been a crypto lawyer for over a decade, and in that time, the industry has grown so much in scope, scale, and regulatory complexity. I receive questions every day from aspiring lawyers and law students interested in learning more about crypto law which would ask me where to start. I didn’t know of any resource I could recommend that would offer a clear and engaging introduction to crypto that assumes no background in either law or technology, so I wrote “The Crypto Legal Handbook” as a place for those new to the field to start.
OM: How do you foresee outside counsel evolving better to address the unique challenges of the crypto industry?
JW: There are relatively few lawyers at top law firms who really understand crypto. When you work with some of these firms, you tend to hope an associate will be staffed on the team who understands the technology and can help educate the more senior partners internally. This dynamic is beginning to change. As crypto-savvy associates gain seniority and are given the authority to lead the engagement, I anticipate a significant improvement in the quality of legal services provided by top firms.
OM: What key skills or knowledge areas are crucial for law students who want to enter the crypto legal market?
JW: I strongly believe that successful crypto lawyers must be well-versed in crypto and passionate about the industry’s goals. While it’s possible to train someone in substantive law — starting with my book, for instance — it’s more challenging to find candidates enthusiastic about staying current with the rapid developments in crypto technologies and regulations. This enthusiasm is highly valued by in-house counsel, as the fast pace demands a proactive commitment to continuous learning.
OM: You have voiced concerns about the emphasis on specialization in law schools. Could you discuss the potential drawbacks of this trend, especially for fields as novel as crypto law?
JW: To be a great lawyer, you should try to learn everything about your client’s business. This means being knowledgeable enough to discuss any issue they might face. Ideally, you become the first point of contact for your client’s concerns, coordinating with specialists while considering broader business implications. However, law schools and large firms often only produce specialists and discourage a more general, business-focused approach. I advise young lawyers to seek diverse cases beyond their immediate specialty to broaden their expertise.
OM: How does “The Crypto Legal Handbook” cater to those without a legal or technical background?
JW: I wrote this for people who are entirely unfamiliar with the law. It is written in a narrative style, which takes you through the history and policy behind different regulations impacting financial technologies. It assumes no background in crypto, technology, or the law.
OM: Considering the rapid evolution of blockchain technology, how do you plan to keep the handbook updated?
JW: This is really the challenge of a project like this: I want someone to be able to pick up this book at any point and quickly get up to speed with the current state of the crypto industry. I also want it to serve as a resource for law school students taking regulatory or crypto classes. In the interim, I plan to publish updates ahead of every fall and spring semester and post material updates on my website.
OM: Can you share a case study or example from the book that particularly highlights the complexities of crypto regulations?
JW: One unresolved issue in crypto is determining when an asset qualifies as a “security” under federal regulations. Additionally, defining whether an asset is a “commodity” under the CEA is a separate but often conflated concept. The distinction between commodity and security regulations and why they are overseen by separate regulators is often confusing for young lawyers. The book explores these different regulators’ histories and case law — both crypto and traditional — to clarify how these parallel frameworks evolved.
OM: What common misconceptions about crypto law do you aim to clarify with your handbook?
JW: After reading this book, it will be clear that, despite what some say, the industry is not unregulated. It is subject to oversight by several federal regulators and various state laws to differing degrees.
OM: How has the reception of the book influenced your views or planned future editions?
JW: Everyone has been very positive about the book, and as of this interview, nearly 20 law school professors have indicated they will include it on their syllabi. I’ve been surprised by the number of international readers who have reached out to help create supplements for their respective countries’ crypto regulations. Over the summer, I plan to release supplements for Canada and India, with more likely to follow.
OM: What advice would you give someone who reads your book and is inspired to start a career in crypto law?
JW: Don’t wait for permission to get involved. While it’s important to learn from experienced lawyers, the most successful crypto lawyers actively participate in industry discourse online and build their practice by contributing to the space.
As we conclude our exploration into the depths of “The Crypto Legal Handbook” and the mind of Justin Wales, it’s clear that this resource is more than just a guide — it’s a beacon for the curious, the aspiring, and the dedicated professionals navigating the intricate world of crypto law. Justin’s journey from recognizing a gap in accessible information to publishing a handbook that serves as a cornerstone for legal education in cryptocurrency showcases the power of initiative and vision in the face of a rapidly evolving industry.
Remember Justin’s advice for those inspired by this handbook: don’t wait for permission to dive into crypto law. Embrace the opportunities for learning and involvement that the field offers. As you turn the pages of this handbook, let it inform you and inspire you to contribute to shaping this dynamic and pivotal area of law. Whether you’re a student, a professional, or simply a curious mind, the journey into crypto law starts with knowledge and flourishes through active engagement. Let “The Crypto Legal Handbook” be your first step toward a challenging and rewarding career in the decentralized world.
Olga V. Mack is a Fellow at CodeX, The Stanford Center for Legal Informatics, and a Generative AI Editor at law.MIT. Olga embraces legal innovation and had dedicated her career to improving and shaping the future of law. She is convinced that the legal profession will emerge even stronger, more resilient, and more inclusive than before by embracing technology. Olga is also an award-winning general counsel, operations professional, startup advisor, public speaker, adjunct professor, and entrepreneur. She authored Get on Board: Earning Your Ticket to a Corporate Board Seat, Fundamentals of Smart Contract Security, and Blockchain Value: Transforming Business Models, Society, and Communities. She is working on three books: Visual IQ for Lawyers (ABA 2024), The Rise of Product Lawyers: An Analytical Framework to Systematically Advise Your Clients Throughout the Product Lifecycle (Globe Law and Business 2024), and Legal Operations in the Age of AI and Data (Globe Law and Business 2024). You can follow Olga on LinkedIn and Twitter @olgavmack.
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