Tech
Decoding the Future: Justin Wales’ visionary guide to navigating cryptocurrency law and Web3
Navigating the complex and ever-changing world of cryptocurrencies and legal frameworks requires a sharp mind and a solid resource. Enter Justin Wales, an experienced cryptocurrency lawyer and author of “The Cryptocurrency Legal Handbook: A Guide to the Laws of Cryptocurrencies, Web3, and the Decentralized World.” This manual is not just an introduction, but a deep dive into the intricacies of cryptocurrency law, tailored to demystify the topic for beginners and experts alike.
With over a decade of industry experience, Justin has created a resource that addresses the burning questions of aspiring lawyers and experienced professionals. What inspired you to write this essential guide? How do you address those without a legal or technical background? These questions and more will be explored in our in-depth discussion below. Join us as we delve into the motivations, challenges, and triumphs of creating 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 have been a cryptocurrency lawyer for over a decade, and in that time the industry has grown tremendously in scope, scope and regulatory complexity. I receive questions every day from aspiring lawyers and law students interested in learning more about cryptocurrency law asking where to start. I didn’t know of any resource to recommend that offered a clear and engaging introduction to cryptocurrencies without assuming any knowledge of law or technology, so I wrote “The Crypto Legal Handbook” as a place for those new to the industry to get started.
OM: How do you predict external advisors will better evolve to address the unique challenges of the cryptocurrency industry?
JW: Relatively few lawyers at top law firms truly understand cryptocurrencies. When you work with some of these firms, you tend to hope that an associate will be brought onto the team who understands the technology and can help coach the more senior partners internally. This dynamic is starting to change. As experienced cryptocurrency associates gain seniority and are given the authority to lead the charge, I foresee 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 wanting to enter the legal cryptocurrency market?
JW: I firmly believe that successful cryptocurrency lawyers must be industry experts and passionate about the industry’s goals. While it is possible to train someone in substantive law, starting with my book, for example, it is harder to find candidates who are enthusiastic about staying up to date on the rapid developments in cryptographic technologies and regulations. This enthusiasm is greatly appreciated by in-house consultants, as the fast pace requires a proactive commitment to continuous learning.
OM: You expressed concern about the emphasis on specialization in law schools. Could you discuss the potential downsides of this trend, especially for newer fields like cryptocurrency 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 issues they may encounter. Ideally, you become the first point of contact for your client’s concerns, coordinating with specialists and considering broader business implications. However, law schools and large firms often produce only specialists and discourage a more general, business-focused approach. I advise young lawyers to seek out different cases beyond their immediate specialty to broaden their expertise.
OM: How does “The Crypto Legal Handbook” appeal to those without a legal or technical background?
JW: I wrote this for people who are not at all familiar with the law. It is written in a narrative style that takes you through the history and politics behind the different regulations impacting financial technologies. It assumes no experience in cryptocurrency, technology or law.
OM: Considering the rapid evolution of blockchain technology, how do you plan to keep the manual updated?
JW: That’s really the challenge of a project like this: I want someone to be able to pick up this book at any time and immediately get up to speed. current state of the cryptocurrency industry. I also want it to serve as a resource for law school students taking regulatory or cryptocurrency courses. In the meantime, I plan to post updates before each 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: An unresolved issue in the cryptocurrency industry 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 confusing concept. The distinction between commodity and safety regulations and why they are overseen by separate regulators is often confusing to young lawyers. The book explores the histories and jurisprudence of these different regulators, both cryptographic and traditional, to clarify how these parallel frameworks have evolved.
OM: What common misconceptions about crypto law do you intend to clarify with your manual?
JW: After reading this book, it will be clear that, despite what some say, the industry is not unregulated. It is subject to the oversight of various federal regulators and various state laws at different levels.
OM: How has the reception of the book influenced your opinions or plans for future editions?
JW: Everyone has been very positive about the book, and as of this interview, nearly 20 law school professors have indicated that they will include it in their programs. I have 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 others likely to follow.
OM: What advice would you give to someone who reads your book and is inspired to start a career in cryptocurrency law?
JW: Don’t wait for permission to get involved. While it is important to learn from experienced lawyers, the most successful cryptocurrency lawyers actively participate in the online industry debate and build their business by contributing to the space.
Concluding our exploration into the depths of the “Cryptocurrency Legal Handbook” and into 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 cryptographic law. Justin’s journey from recognizing a gap in accessible information to publishing a manual that serves as a cornerstone for legal education in the cryptocurrency field shows the power of initiative and vision in the face of a rapidly evolving industry.
Remember Justin’s advice for those inspired by this primer: Don’t wait for permission to dive into cryptocurrency law. Seize the learning and engagement opportunities the camp offers. As you flip through the pages of this handbook, let it inform and inspire you to help shape this dynamic and crucial area of law. Whether you are a student, a professional, or simply a curious mind, the journey in cryptocurrency law begins with knowledge and flourishes through active engagement. Let “The Crypto Legal Handbook” be your first step towards a challenging and rewarding career in the decentralized world.
