Bulletpoints:
• Crypto companies need to seek legal advice before launch.
• Lisa Rubin, a blockchain attorney with Paul Hastings, discussed legal misconceptions in the industry.
• 0xpo Crossroads in San Francisco hosted the discussion.
Crypto companies need to be mindful of their legal obligations before they launch their products into the market. To further explore this topic, Lisa Rubin, a blockchain attorney with Paul Hastings, recently sat down with Decrypt’s Jason Nelson at 0xpo Crossroads in San Francisco on November 3. The discussion focused on legal misconceptions that still exist in the industry.
Rubin discussed how crypto companies should seek legal advice, even before the launch of their product. She stated that due to the lack of clear regulations, companies should consult with a lawyer to understand the legal and regulatory landscape. Rubin also warned against companies relying solely on the advice of their peers in the community, as this could lead to costly mistakes.
Rubin further explained that companies should also consider the impact their product may have on existing legal frameworks. For example, companies that are creating a new token may need to ensure that they are compliant with existing securities laws. Similarly, companies that are creating a new platform may need to consider how their product will affect consumer privacy laws. Rubin noted that many companies fail to consider these legal implications, and this can lead to significant problems down the line.
Rubin also discussed how companies should approach compliance before launching their product. She argued that companies should build a compliance program that is tailored to their product and the legal landscape in which they operate. Companies should also ensure that they are regularly monitoring their product, as new laws and regulations may arise that could affect their business.
Overall, Rubin stressed the importance of companies seeking legal advice before launching their product. Companies should ensure that they are aware of the legal implications of their product, and should build a compliance program that is tailored to their specific product. By doing so, companies can avoid costly legal mistakes in the future.