29 May 2014

McLaughlin & Stern becomes first major US law firm to accept bitcoin

New York-based McLaughlin & Stern, one of the oldest US law firms, founded in 1898, believes it has become the first major US legal practice to accept the virtual currency.

Bitcoins are not backed by any government or central bank, unlike traditional currencies Julia Zakharova

Michael Paradise, a member of the firm’s executive committee, said: ‘We believe it is important that if we want to be on the cutting edge of the law and technology, we must adapt and apply the law to these new technologies. By accepting bitcoin, we hope to demonstrate that there is no tension between innovation and prudence. The best companies in this space that we engage with are especially sensitive to complying with the law and we have been there to help guide them in the process.’ The firm specialises in corporate and securities law. Source: The Crypto Crimson